On the 2nd of December 2022, the Parliament of Tanzania passed the new Investment Act, Act No 10 of 2022. The Act is enacted to create favourable conditions for investment purposes and to establish an institutional framework that regulates investment activities in the country. The Act has repealed the ageing Investment Act of 1997.
Below are some of the salient features of the Act:
Minimum investment capital for investment incentives
Under Section 2(2) of the Act, a foreign-owned business, or a business owned in a joint venture with a foreigner, can only benefit under the Act if it has a minimum investment capital of USD 500,000.For locally owned business, minimum investment capital is USD 50,000.
Minimum investment requirements for strategic investors
Under Section 23, additional incentives are available for strategic investors.
To qualify for strategic investment incentives, a firm/business must meet the following conditions;
- For locally owned businesses [i.e., fully owned by Tanzanians] individuals, the minimum capital requirement has been reduced to Tanzanian shillings equivalent to USD 20,000,000, and for businesses owned by foreign investors or by a foreign investor in a joint venture/partnership with a local investor, minimum capital has been reduced to Tanzania shillings, equivalent to USD 50,000,000,
- It must produce more than 1000 direct employments, with a sufficient number in senior management in those projects that do not require sophisticated and modern technology,
- It must be capable of increasing export sales of its produced products by at least 50%, or reducing importation of foreign products,
- It must contribute to capacity building by facilitating technology transfer to Tanzania, and
- It can produce goods or services strategically needed for the time being.
Minimum investment requirements for special strategic investors
The Act has also introduced requirements for special strategic investors under Section 23(3)(4).
Strategic investors will be recognized if;
- They have a minimum investment capital of not less than USD 300,000,000,
- They can produce more than 1500 direct employments, most of which are at senior level for projects that do not require high level and modern technology, and
- They can generate a high volume of foreign exchange earnings and produce strategic goods and services that lead to a decrease in the importation of goods and services.
Minimum investment requirements for special strategic investors
Integrated electronic system
The Act has established an integrated system for the facilitation and promotion of investment. This system, to be accessed by all government authorities, will simplify all processes relating to the approval of businesses for investment purposes.
Cancellation of certificates of incentives
The new Act provides for circumstances that may lead to the cancellation of certificates of incentive. These include where certificates have been obtained by fraud or by false information.
Breach of conditions of the certificate of incentive by the holder, transfer of the certificate to another investor without consent of the centre, failure to commence business in the first two years of issuance of the certificate without probable reasons and failure to submit annual reports of the projects are among other reasons that may lead to the cancellation of the certificate.
Right to International arbitration retained
The new Act has retained the right to international arbitration. The Act also empowers the Tanzania Investment Centre (the TIC) to deal with investment disputes.
Removal of investment guarantees of unconditional transferability
The Act has removed the right of guarantees of unconditional transferability of proceeds of royalties, fees and charges in relation to the transfer of technology agreements that are part of the investment business.
Removal of an automatic immigration quota incentive
The Act has removed the entitlement of immigration quota incentive rights of up to 5 persons initially during the start-up period. The repealed Act allowed an investor registered with the TIC up to 5 immigration permits. That incentive is now removed. However, investors can continue to benefit from incentives available from other laws relating to the employment of non-citizens.
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