In the complex legal and regulatory landscape of the United Republic of Tanzania, financial statements are more than a collection of figures they are a legal instrument. Their preparation, audit, and, critically, their formal approval, are governed by a meticulous legal framework designed to foster corporate transparency and accountability. A company’s failure to adhere to…
Your Guide to Registering and Licensing a Tourism Business in Tanzania By Sunday Ndamugoba, Partner at RIVE & CO Tanzania’s government is dedicated to maintaining its tourist resources and improving infrastructure to increase revenue. To ensure quality and professionalism, the Tourism Division of the Ministry of Natural Resources and Tourism has created guidelines for tourism…
Highlights Introduction Definition of the power of attorney Legal Framework for Power of Attorney in Tanzania Why is Registration of Power of Attorney Important? Common Challenges in Power of Attorney Registration Conclusion IntroductionIn Tanzania, the Power of Attorney (POA) is an essential legal document that grants one person (the “attorney-in-fact” or “agent”) the authority to…
The Tanzanian government is on the brink of implementing transformative reforms to its investment framework through the Investment and Special Economic Zones Bill, 2024. These changes aim to streamline operations, enhance incentives, and position the country as a premier investment destination in Africa. This newsletter delves into the key highlights, opportunities, and implications for businesses…
SUMMARY NOTE: In the event of a Members’ Voluntary Winding Up of a company in Zanzibar, several taxes may be applicable, depending on the circumstances of the liquidation. Here are the key taxes to consider: Applicable Rate: Capital gains tax is charged on the disposal of assets, which may occur when the company sells its…
Summary note Overview A shareholders’ agreement is a document which outlines the relationship between shareholders, their rights and obligations and ensures smooth governance of a company. The importance of having a shareholder’s agreement is: 1. Clarity of Rights and Responsibilities The shareholders’ agreement defines the roles of shareholders, including their rights to dividends, voting powers,…