The Business Registrations and Licensing Agency (BRELA) published on 4th February 2022, notice calling on Company Directors and Secretaries of companies incorporated or registered under the Companies Act as branches of foreign companies to attend to the filing of their statutory Annual Returns. In the case of branches, they are required to file their consolidated financial statements annually. The BRELA Notice can be found here www.brela.go.tz.
Happy Chinese New Year 2022. The year of Tiger.
As you are all aware the Companies Act No.12 of 2002 was amended by the Finance Act 2020, introducing the concept of Beneficial Ownership (BO) aligning our identification protocols to international and regional standards. The intention is to “identify the person or persons who ultimately own or control a legal entity or arrangement, such as a company, a trust, or a foundation.”
On 2ndOctober 2021, The National Social Security Fund (NSSF) (“the Fund”)announced to grant amnesty to all employers with outstanding arrears of contributions and penalty. The amnesty is effective from 1stOctober 2021, and it covers all employers of statutory contributions and penalty for the period up to 30thJune 2021 on the following conditions: 16th July, 2021.
Zanzibar spearheads investment in the island as it introduces new incentives for approved investors who have been granted the status of Special Strategic Investor in Pemba following the amendments of the third and sixth schedules of the Zanzibar Investment Promotion and Protection Authority Act (No. 14 of 2018) published in the Zanzibar Government Gazette Vol CXXX No. 6914 of 16th July, 2021.
The Bill Supplement – Written Laws (Miscellaneous Amendments) (No.4) of June 2021 proposes to amend the Non-Citizens (Employment Regulations) Act Cap. 436 if enacted into law.
In its efforts to promote further investment in the Island and the need to diversify the economy of Zanzibar, the Revolutionary Government of Zanzibar (“RGoZ”) has called for Expressions of Interest from investors to invest in the surrounding small islands (“Islets”).