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 […]
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 […]
Introduction According to the 2023 Communication Statistics, telephone penetration in Tanzania is greater than 100%. In theory, this means that nearly everyone in Tanzania has access to a cell phone. The reality is a little different because this rate includes people who have two or more SIM cards registered. Nonetheless, this figure implies that a […]
It can arguably be said that no other sector has grown at such an unprecedented speed as the telecommunications sector. We have grown from having less than 1% subscription in 2000 to over 100% subscription rate in Tanzania. It is obvious that this sector is vital to human development. Not only does it connect people […]
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 […]
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