Special Status for Tanzanian Non-citizens into Law

By Angelista Nashon The Attorney General has recently presented the Written Laws (Miscellaneous Amendments) Act No. 2 of 2024, which has introduced significant amendments to several legislations. Notably, the amendments to the Immigration Act and the Land Act hold particular importance for the Tanzanian diaspora. Key Amendments Immigration Act Amendments The amendment to the Immigration […]

Amendments to Banking Laws

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 […]

Overview of The Finance Bill for 2024

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 […]

New Regulations on the Use of Social Security Benefits as Collateral for Home Mortgage

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 […]

Draft Microfinance (Non-Deposit Taking Microfinance Service Providers) Regulations, 2024

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 […]

Understanding the New Banking and Financial Institutions (Liquidity Management) Regulations, 2023

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 […]