Introduction The Finance Act 2020 amended the Company Act, the Trustees Incorporation Act, the Anti-Money laundering Act and Income Tax Act introducing the concept of Beneficial Ownership aligning Tanzania’s Beneficial Owers identification protocols to international and reginal standards. The intension is to Identify the natural person and persons who ultimately own or controls a company […]
UPDATE TO CLIENTS NEW SHAREHOLDING THRESHOLD FOR BENEFICIAL OWNERS’ DISCLOSURE KEY HIGHLIGHTS: As it will be recalled, the Companies Act was amended by the Finance Act 2020 to introduce the concept of BOs, and BO Regulations were passed requiring all companies in Tanzania to file prescribed company forms disclosing information about their BOs. This process […]
BENEFICIAL OWNERS AND COMPANY COMPLIANCE REQUIREMENTS Who is a “Beneficial owner”? The Companies Act Cap 212 defines a “beneficial owner” as a natural person: – information that is required to be submitted bycompanies as per company form 14b: a. Details of beneficial ownership to be filed with the ROC include: b. Details of the nature […]
Did you know that the Personal Data Protection Act in Tanzania provides several rights for data subjects? Under this Act, a data subject is the individual whose personal data is being processed. The data controller, who determines the purpose and means of data processing, and the data processor, who processes data on behalf of the […]
The Personal Data Protection (Personal Data Collection and Processing) Regulations 2023 empower individuals with the “right to be forgotten.” Under this regulation, a data subject, i.e the person whose data is being held, can request that their personal data be erased or destroyed in several circumstances. These include: The data is no longer required for […]
AMENDMENTS TO ENVIRONMENTAL MANAGEMENT (CONTROL AND MANAGEMENT OF CARBON TRADING) REGULATIONS, 2022 1. HIGHLIGHTS OF THE AMENDMENTS: 2. INTRODUCTION OF CARBON TRADING MECHANISMS REGULATIONS: 3. AMENDMENT TO REGULATION 3: The Regulations have amended some of the existing definitions and also introduced some new definitions as follows: 4. AMENDMENT TO REGULATION 5: 5. AMENDMENT TO REGULATION […]
CASE SUMMARY PAN AFRICAN ENERGY TANZANIA LIMITED v JOHN MSIGALA (Civil Appeal No. 163 of 2020) [2024] Court of Appeal of Tanzania at Dar es Salaam, delivered on 4 January 2024) Employers in Tanzania will welcome the Court of Appeal decision in Pan African Energy v John Msigala, for the following reasons: Mr. Msigala was […]
THE USE OF PENSION FUND MEMBERS’ BENEFIT ENTITLEMENTS AS COLLATERAL FOR HOME MORTGAGES The Social Security (Use of Members Benefit Entitlements as Collateral for Home Mortgage) Regulations GN. No.141 published on 8th March, 2024 allow members to use their benefit entitlements as collateral for home mortgages. Key areas to note: Introduction: The Social Security Act, […]
GN. NO. 574 PUBLISHED ON 23 SEPTEMBER 2022 The Minister for mining promulgated the Mining (State Participation) Regulation 2022 (“the Regulations”), vide Government Notice No. 574 of 2022 published on 23 September 2022. The Regulations repealed the Mining (State Participation) Regulation, 2020. The Mining Act, [CAP 123 R.E 2019] (“the Act”), provides for state participation […]