Tanzania: TRA launches programme to check risk management

The Tanzania Revenue Authority (TRA) has launched a programme known as Enterprise-Risk Management (ERM) to provide the tax body with a mechanism to identify potential events that might affect its management.

Addressing participants at the launch, TRA Commissioner General Harry Kitilya said the ERM would provide reasonable assurance that the management and the board are made aware of the extent to which risks are identified, analysed, managed and maintained at all levels.

“TRA shall adopt best practices in identifying, assessing, treating, monitoring and evaluating risks so as to ensure that they are minimised to an acceptable level,” the commissioner general said.

The authority, Kitilya further said, has been facing a lot of challenges in collecting taxes.

The introduced programme, he added, will provide a comprehensive approach to better integrate risk management into strategic decision making that will reflect best practices and well organised principles for risk management.

For his part, the International Monetary Fund (IMF) representative in the East Africa, Henry Gaperi, said the programme will help TRA to improve its managerial activities, especially in monitoring and evaluating the day to day reports on tax collections.

“Tanzania has got a number of ways through which it can increase its economic development. Now this programme it intended to help TRA increase its daily income by increasing tax collection. But also it can help the authority to reduce the risks in the areas of identifying potential tax payers, assessing, collecting and accounting of taxes,” Gaperi said.
SOURCE: THE GUARDIAN