implications of covid-19 on contracts, labour & employment, immigration and tax laws

There are no specific provisions under the Tanzania Employment and Labour Relations Act or the subsidiary legislations that address states of emergency like the Corona Pandemic however, one can borrow from the general provisions of the referred legislations in this article. The corona pandemic has without any doubt disrupted business and the way we do things leading to some businesses closing while others may be contemplating downsizing or even closure due to reduced operations or activities and drastic reduction in revenues while overheads including payment of salaries and related HR costs remain high.

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implications of the covid-19 pandemic on the banking industry and the role that mergers and acquisitions may play

The recent announcement of TPB Bank Plc’s (“TPB”) merger with TIB Corporate Bank Limited (“TIB’) was met with much optimism especially within the Tanzanian banking and media industry. This is owed to the fact that TPB has now joined a unique group of commercial banks operating in Tanzania that hold assets amounting to TZS 1 trillion (approximately USD 431 million) or more. This follows the government owned lender’s acquisition of the assets and liabilities of TIB, which is also a government majority owned bank.

This signals a continued shift towards consolidation within the banking industry but also further raises questions of the implications of the COVID-19 pandemic on the banking industry and the role that mergers and acquisitions may play in its consequences.

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