Foreign investors in Tanzania are considering pulling out of the nation or expanding operations into other countries due to higher taxes introduced by President John Magufuli in efforts to drive the economy by cracking down on revenue evasion and corruption.

Magufuli’s government has already increased taxation on mobile money transfers, banking, and tourism and cargo transport service providers.

Three investors, who sought anonymity due to sensitivity of the matter, said they could reduce operations in the country, while one said he planned to expand into neighboring Kenya or Mali. A local subsidiary for a global brand is planning shut down operations after it was slapped with a tax bill that wiped off its profits in the last five years, Reuters reported.

Several investors voiced their frustration at the new tax regime which does not correspond to their profits, even as the government downplayed the threats to quit the nation.

“There have been some complaints but we hear them and we have an open door. We are just making sure everyone pays what they should. We are creating a fair and level playing field,” Adolf Mkenda, the permanent secretary at the Ministry of Industry, Trade and Investment, told Reuters .

Mining and telecoms firms also raised concern over a directive to list on the local stock exchange, saying they are not sure if there is enough liquidity on the Dar es Salaam Stock Exchange.

Major investors currently operating in the nation include Exxon Mobil, Statoil and Royal Dutch Shell in the energy sector, global shipping giant, Maersk and Haldor Topsoe of Denmark, Ferrostaal Industrial Projects of Germany and telecoms firms Airtel and Vodacom.

Tanzania is also undertaking major infrastructural projects mainly construction of the port of Bagamoyo, which will be the largest in East Africa’s shores upon completion next year, a $30 billion Liquefied Natural Gas export terminal and a $3 billion fertilizer factory which will be the biggest in Africa.

The East African country is targeting to collect $ 6.93 billion (Sh 15.1 trillion) in the 2016-17 financial year, a 54 percent increase from the $4.5 billion (Sh 9.8 trillion) collected in the 2014-15 year, to improve on its annual economic growth rate of about seven percent, the lowest in the region.

The anticipated withdrawal by investors in is likely to hit the nation’s economy, which is one of the leading recipients of Foreign Direct Investment (FDI) in sub-Saharan Africa with over $1.5 billion last year, a fall from $2.142 billion in 2014.

Tanzania received the highest FDI inflows in East Africa in the past two years, according to statistics by the U.S. Department of State.