COMPANY LAW UPDATE: WHAT YOU SHOULD KNOW ABOUT BENEFICIAL OWNERSHIP IN TANZANIA.
March 28, 2022
As part of the efforts to developing Tanzania in business and investment, but also as a means of prevention and detection of corruption and money laundering, the Government of the United Republic of Tanzania has adopted the concept of Beneficial Ownership as a mechanism to deal with among other things the issues forementioned. One of the mechanisms so adopted to curb and keep tag on the forementioned matters is imposing a Beneficial Ownership reporting. Beneficial Ownership Reporting is meant to reveal the persons termed as beneficial owners behind companies registered in the United Republic of Tanzania.
Read MoreBANKING AND FINANCE LAW UPDATE: LICENSING OF MICROFINANCE SERVICE PROVIDERS (MSPs) IN TANZANIA AND IMPLICATIONS FOR OPERATING WITHOUT REQUIRED LICENSE.
March 9, 2022
The Microfinance Act No. 10 of 2018 (“The Microfinance Act”) requires all microfinance service providers to obtain license to operate as such from the Bank of Tanzania (“BOT”) or any other regulatory body delegated by the BOT to issue such license. This requirement extends to the microfinance service providers who were operating before enactment of the Microfinance Act
Read MoreTAX LAW UPDATE: PROCEDURES FOR VAT EXEMPTION IN TANZANIA UNDER THE NEW VALUE ADDED TAX (EXEMPTION MANAGEMENT PROCEDURES) REGULATIONS, 2021
February 11, 2022
The scope of value added tax exemption. Procedures for application for tax VAT exemption under the Regulations. Involvement of the Ministries in the exemption process. Who shall grant the exemption of value added tax under the new law? Powers of the Commissioner General in the processing of exemption. Post VAT exemption requirements and procedures. 1.0 […]
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