By Miss Francisca Bwashi Definition In Tanzania, there is no law or statute that defines or explicitly governs an “Escrow Account.” Instead, the concept and practice of Escrow accounts operate within the framework of general contract, banking, and financial regulations. However, an Escrow Account is generally defined as a financial arrangement where a third party […]

By Dr Goodluck Temu Confidentiality ensures financial institutions protect customer information, handling it securely and only disclosing when legally required. Key highlights include: Disclaimer This article is not intended to replace professional advice. No one should rely exclusively on the information provided as a substitute for seeking professional advice. The writers or the Firm are […]

By Dr Goodluck Temu The Bank of Tanzania has released comprehensive guidelines for non-bank payment systems providers to ensure fair and transparent fee structures. These guidelines, cited as “Guidelines on Fees and Charges for Non-Bank Payment Systems Providers, 2024,” aim to protect financial consumers and promote financial inclusion. Key highlights include: These guidelines reflect the […]

By Dr Goodluck Temu The Bank of Tanzania has issued “Guidelines on Fees and Charges for Banks and Financial Institutions 2024” to provide a comprehensive framework for the imposition of fees and charges on financial products and services offered by banks and financial institutions. Here is a summary of the key points: These Guidelines come […]

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 […]

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 […]

By Adv. Coletha Mwambola. Public Procurement process (es) in Tanzania is governed by the Public Procurement Act, [Cap 410 R. E:2022] (“the Act”) together with the Public Procurement Regulations GN No.  446 of 2013, as amended from time to time(“the Regulations”). The Act defines the procurement process as successive stages in the procurement cycle, including […]

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 […]