Our Tax Department at Breakthrough Attorneys has prepared this general overview of the budget for the financial year 2022/2023 highlighting the estimates of the Government’s revenue and expenditure for 2022/2023.
Recently, the Bank of Tanzania has enacted new regulations on corporate governance for banks and financial institutions. The newly imposed regulations, Banking and Financial Institution (Corporate Governance) Regulations, 2021 (“the Corporate Governance Regulations”) were published on 29th October, 2021. The Corporate Governance Regulations set standards for corporate governance and structures of banks and financial institutions. It provides guidance to board of directors, directors and senior management of banks and financial institutions for proper discharge of their responsibilities.
Ride-hailing services in Tanzania are regulated by a government regulatory authority known as the Land Transport Regulatory Authority (LATRA) established under section 4 of the Land Transport Regulatory Authority Act No. 3 of 2019. LATRA was established to regulate the land transportation activities in the country such as transportation of goods and passengers; railways, and cable transport; to regulate transportation charges and rates; to issue, renew and cancel permits or licenses; and to coordinate land transport safety activities, just to name a few.
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.