NMB named biggest, most compliant taxpayer

Dar es Salaam. NMB Bank Plc has been named as the overall winner of institutions that pay the largest tax in Tanzania.

The bank’s management has attributed the award to its concrete foundations of corporate governance.

During this year’s Taxpayer Day held on Friday, NMB Bank Plc emerged as the National Overall Winner, recognized as the Largest Taxpayer in Tanzania and the Most Compliant Taxpayer.

This marks the second consecutive year that NMB Bank has received the National Overall Winner: Institution paying the largest taxes in Tanzania (All Sectors), National Overall Winner: Most Compliant Tax Payer adhering to the principles and best tax payment practices and Largest Taxpayer in the category of Financial Institutions in Tanzania (third consecutive year).

Speaking after receiving the awards, the NMB Bank CEO, Ms Ruth Zaipuna said the awards were a testament to the lender’s compliance with its own governance principles and integrity, adherence to tax payment principles, efficiency in business operations, and innovative financial solutions for customers.

The bank’s employees, clients and the government all have played key roles in the realisation of the award, she said.

“…My heartfelt thanks also go to the Government for continuing to create a conducive environment for doing business in the country…,” she said during the event that was graced by the Deputy Prime Minister and Minister for Energy, Dr Dotto Biteko.

In his remarks, Dr Biteko said the Samia Suluhu Hassan’s administration will further its reforms agenda to not only ease doing business in the country but also broaden the tax base and promote voluntary tax compliance.

According to him, taxpayers play a decisive development role hence the need to appreciate and reward their contribution to national building efforts.

“Taxpayers should be treated as partners without which the resources we need to finance growth and development won’t be adequately obtained,” Dr Biteko said, noting that educating and not antagonizing them was a matter of utmost importance under this administration.

The Deputy Minister for Finance, Mr Hamad Hassan Chande, commended the Tanzania Revenue Authority (TRA) for sustaining the awards since their introduction in 2006, saying the recognitions are a big compliance and remittance incentive that greatly enables the agency to meet set revenue collection targets.

According to the Commissioner General of TRA, Mr Alphayo Kidata, the increasing tax compliance of businesses and individuals enabled the agency to manage 97.4 percent revenue collections in fiscal year 2022/23.

During that fiscal year, a total of Sh24.11 trillion was garnered against a target of Sh24.76 trillion.

The amount was an increase of 8.2 per cent over what was collected in 2021/2022.

“With your support,” he told the taxpayers who attended the Friday event, “we are optimistic of attaining the collection target for 2023/24, which is Sh27.8 trillion for Tanzania Mainland and Sh520.6 billion for Zanzibar.”

“Collections for the current financial year have started well,” he stated, noting that during July-September, the agency garnered Sh6.58 trillion against the Sh6.73 trillion target.