A brief overview of the new legal requirements for foreign companies registered in Zanzibar. Summary of the amendment of the Zanzibar Companies Act enunciated in the Finance Act No. 3 of 2021. The legal implications on the new amendments on Foreign companies registered in Zanzibar 1.0 Introduction The Revolutionary Government of Zanzibar on the 24th June 2021 […]
FINANCE LAW UPDATE: THE FINANCE ACT, 2021 INTRODUCES MEDIATION OF TAX APPEALS IN TANZANIA.
A general overview of the amendment. What to expect after the introduction of mediation. General concerns on the amendment and its applicability. A call to taxpayers and the Tanzania Revenue Authority Should we consider other ADR methods? Should we consider mediation at stages before appeals? 1.0 Introduction Settlement of tax disputes in Tanzania has for […]
BANKING AND FINANCE LAW UPDATE: THE BANK OF TANZANIA ISSUES POLICY MEASURES TO PROMOTE CREDIT TO THE PRIVATE SECTOR AND LOWER INTEREST RATES
Reduction of the Statutory Minimum Reserves (SMR) requirement. Relaxation of agent banking eligibility criteria. Limitation of interest rate paid on mobile money trust accounts. Introduction of a special loan to banks and other financial institutions. Reduction of risk weight on loans. 1.0 Introduction On 27th July 2021, the Bank of Tanzania (“BOT”) issued a public […]
TAX LAW UPDATE: TAX REFUNDS IN TANZANIA; THE PRACTICE AND PROCEDURE FOR REFUND OF TAXES PAID IN EXCESS
Taxpayer’s eligibility to refund of tax paid in excess. The mode of making the application for a refund. Limitation period within which to make an application. Timelines for the Commissioner General to make his final decisions. The procedure for payment of the refund to the taxpayer. VAT refund. Power of the Commissioner General to offset […]
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