On 15th of February 2023, A Bill for an Act to amend the Fair Competition Act to make better provisions for its effective implementation was read for the first time in Tanzania’s National Assembly. The Bill seeks to “amend the Fair Competition Act, Cap. 285 in order to address some challenges which have been encountered […]
In October 2023, the Bank of Tanzania issued Banking and Financial Institutions (Liquidity Management) Regulations, GN No 724 of 2023. These Regulations revoked the Banking and Financial Institutions (Liquidity Management) Regulations 2014. The new Regulations have two objectives; Liquidity Requirements Penalties The Bank of Tanzania is empowered to impose various penalties on any bank or […]
The Corporate Social Responsibility Regulations, GN No. 409 of 2023. In June this year, the Corporate Social Responsibility Regulations were published through GN No. 409 of 2023, in accordance with S.129 (1) of the Mining Act, R.E: 2019 (the Act). These new Regulations exhaust and expound the provision of S. 105 of the Act which […]
On the 1st of September 2023, the Governor of the Bank of Tanzania issued amendments to theForeign Exchange Regulations 2022. The spirit of the 2022 Regulations was to regulate foreignexchange activities. Major issues covered in the new amendments are; 2. Revised penalty for non-compliance with foreign loans registration requirement. For questions or advice, contact info@africorp […]
In June 2023, the Minister of Investment, Industry, and Trade issued the Companies (Retention and Disposal of Company Documents) Regulations, 2023, in accordance with Section 455A of the Companies Act. The Regulations specify how companies should retain important documents. The important points of the Regulations are as follows: S/N Type of Document Retention Period 1 […]
The coming into force of the Personal Data Protection Act, 2022 (“the Act”) on 1 May 2023 has been followed by the issuance of The Personal Data Protection (Collection and Processing of Personal Data) Regulations, 2023 GN. No. 349 of 2023 (“the Regulations”) on 12 May 2023 by the Minister for Information, Communication and Technology. The […]
The Parliament of Tanzania, through the Written Laws (Miscellaneous Amendments) (No. 3), Act No 5 of 2021 (published on 11th October 2021) amended several Acts of parliament, some of which have some implication on corporate arrangements. In this brief, we highlight those changes. Business Names (Registration) Act A: National ID necessary for registration Registration of […]
Hillary Kweka is currently interning at AfriCorp Attorneys. Hillary has a keen interest and aspires to specialize in Investment, Securities, Corporate, Arbitration, Compliance and regulatory areas of law practice. He is a recent Law Graduate from the University of Dar es Salaam, and he looks forward to enrolling on Postgraduate law studies at the Law […]
A Non-Governmental Organization, as defined under the Non-Governmental Organization Act No. 24 of 2002 as amended by the Written Laws (Miscellaneous Amendment) Act No. 3 of 2019, is a voluntary grouping of individuals or organizations which is non-partisan or non-profit sharing, established and operating for the benefit or welfare of the community or public. It […]
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