A draft bill Written Laws (No 3) Certificate of Urgency (draft 30 May 2019) is currently under debate in Parliament to require any companies limited by guarantee (CLG) which are not carrying out commercial activities to move to be registered and governed under the Non Governmental Organisation regime.
Further to the 8 February 2018 constraints for mortgage finance in Tanzania (as per Part IV Written Laws (Miscellaneous Amendments) Act 2018 – see our earlier post), supporting Regulations have been published with effect from 26 April 2019. In short: Detailed definitions of “undeveloped” and “underdeveloped” land. Details of the amount of development required over 5 … Read more
New Mining (Local Content) (Amendments) Regulations 2019 have made some changes to the Mining (Local Content) Regulations 2018, which include: Local shareholding requirement for indigenous Tanzanian companies reduced from 51% to 20%. Timeline extensions for review of local content plans by Mining Commission and Local Content Committee, starting at 60 days. Local shareholding requirement for … Read more
Microfinance Act 2018 was enacted by National Assembly on 16 November 2018 (see VELMA Law earlier post) and now the Bank of Tanzania (BOT) has published a Notice to the public requiring all persons engaged in “microfinance business” to submit to BOT by Thursday 31 January 2019 the detailed corporate and financial background information listed in … Read more
Statistics Act 2015 amended (as of September 2018), including as follows: A person shall not collect statistics through surveys or censuses, and shall not disseminate or otherwise communicate to the public any statistical information, except with approval of Statistician General. There is a penalty of TZS 10 million, or imprisonment of minimum 3 years, or both, … Read more
Every company, NGO etc registered and conducting business in Tanzania shall register and use .tz domain name (TCRA Notice 2018). Please contact us if you have any comments or questions.
New Tourism Business Licence requirements have been published 26 November 2018. Please contact us if you have any comments or questions.
A Land Transport Regulatory Authority Bill 2018 has been presented to Parliament. If approved this shall establish Land Transport Regulatory Authority (LATRA) to control services in: rail transport; commercial road transport; commercial underground; and cable transport, in place of Surface and Marine Transport Regulatory Authority (SUMATRA). Please contact us if you have any comments or questions.
A Microfinance Bill has been published on 5 November 2018. It is set to regulate licensing and registration of deposit and non-deposit taking microfinance business in 4 tiers: Tier 1 – deposit taking microfinance service providers, such as banks and microfinance banks. Tier 2 – non-deposit taking microfinance service providers, such as credit companies and financial … Read more
With effect from 8 February 2018 there are new constraints for mortgage finance in Tanzania (as per Part IV Written Laws (Miscellaneous Amendments) Act 2018). In short, finance from local or foreign banks (or financial institutions) obtained by mortgages of: any Tanzanian land, must be invested in Tanzania; any un/under developed Tanzanian land, must be used … Read more