By Dr Goodluck Temu The Finance Act of 2024 has amended several pieces of legislation, including the Banking and Financial Institutions Act and the Bank of Tanzania Act, both of 2006. Below is a highlight of the major changes. Amendments to the Banking and Financial Institutions Act Amendments to the Bank of Tanzania Act Disclaimer […]

By Dr Goodluck Temu The Tanzanian government has introduced the Finance Bill for 2024, aiming to enact the Finance Act, 2024. This Bill proposes amendments to various tax and non-tax laws to implement reforms through the imposition and alteration of certain taxes, duties, levies, and fees. The objective is to stimulate economic growth, particularly in […]

By Dr Goodluck Temu The recent Zanzibar Investment Act No. 10 of 2023 has created several incentives to promote investment in Zanzibar. Some of those incentives are extended to individuals buying properties in Zanzibar. What are the incentives? Buyer of property in Real Estate Project of a value not less than One Hundred Thousands United […]

The Minister of State, Prime Minister’s Office, Labor, Youth, Employment and Persons withDisability had on 8th of March 2024 vide GN No 141/2024 published the Social Security Schemes(Use of Member’s Benefit Entitlements as Collateral for Home Mortgage) Regulations, 2024. TheseRegulations permit a member of a social security scheme, say NSSF, to assign a proportion ofhis […]

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 […]

The Bank of Tanzania (BoT) has published Draft Microfinance (Non-Deposit TakingMicrofinance Service Providers) Regulations, 2024, seeking to replace Microfinance (Non-DepositTaking Microfinance Service Providers) Regulations, GN 679 of 2019. This brief article highlights some changes the new Regulations bring to the financial sector. DisclaimerThis article is not intended to replace professional advice. No one should relyexclusively […]

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 […]