Amendment to Foreign Exchange Regulations of 2023

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 […]

Basics of telecommunication law

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 […]

Retention and Disposal of Company Documents

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 […]

Data Protection Regulations

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 […]

The Bot Transfers The Assets And Liabilities Of Yetu Microfinance Bank To National Microfinance Bank

In our previous brief on the subject, we discussed the rationale for the BoT’s takeover of banksand financial institutions. We highlighted that the primary objective of supervision and regulation of financial institutions is, as provided by Section 5 of the Banking and Financial Institution Act, to “maintain the stability, safety and soundness of the financial […]

Written Laws (Miscellaneous Amendments) (No. 3), Act, Act No 5 of 2021

The Parliament of Tanzania, through the Written Laws (Miscellaneous Amendments) (No. 3), Act No 5 of 2021 (published on 11th October 2021) amended several Acts of parliament, some of which have some implication on corporate arrangements. In this brief, we highlight those changes. Business Names (Registration) Act A: National ID necessary for registration Registration of […]

Meet Our New Intern Riya Lalji

A recent Haven of Peace Academy graduate, Riya Lalji is concentrating in mathematics, psychology, literature, and language. She recently passed her A level. Before beginning her LLB and BBA programs in Canada, Riya has one more year of high school to complete. Riya wants to practice environmental and corporate law. Apart from studies, Riya is […]