INTRODUCTION The Tanzania Finance Act, 2024 (Act No. 6 of 2024) has amended various tax and non-tax laws with a view of bringing reforms through the imposition and alteration of certain taxes, duties, levies and fees to enhance the collection, management of public revenues and the business environment. The amended laws are, the Banking and...
INTRODUCTION On 06th October 2023, the Bank of Tanzania (BoT) issued new Foreign Exchange (Bureau de Change) Regulations via Government Notice No. 730 of 2023. The 2023 Regulations replaces the older Foreign Exchange (Bureau de Change) Regulations, 2019. The Regulations cover various aspects related to bureau de change businesses, management, operation as well as supervision...
INTRODUCTION The Government of Tanzania through the Central Bank Governor, has issued the new Foreign Exchange Regulations with effect from 13th May 2022. The new regulations were issued through the Government Notice No. 294 of 13th May, 2022 replacing the previous Foreign Exchange Regulations that were issued under Government Notice No. 629 of 1998. Besides,...
The Bank of Tanzania (BOT) in collaboration with Tanzania Investment Centre (TIC) and the National Bureau of Statistics (NBS) will conduct a quarterly survey of companies with foreign liabilities in Tanzania, in 2021 during August – October 2021 as communicated in their joint Press Release of 10 August 2021. The survey will be conducted through...
Introduction In light of the recent COVID-19 pandemic, the Government of Tanzania has announced a set of financial and Traveling measures in response to the impact on the economy. So far, the Central Bank of Tanzania (Bank of Tanzania) through its press statement dated 12th May 2020 announced policy measures to safeguard the financial sector...
The Central Bank of Tanzania (BOT) has issued a public notice on 12th November, 2019 against the use of Virtual Currencies (Cryptocurrencies) in Tanzania. The Notice cautions the public against trading, marketing and usage of virtual currency because doing so is contrary to existing foreign exchange regulations. According to the notice, the Central Bank insisted...
The Central Bank prohibits Operating Payment Systems Instruments Without Approval: On 15th October, 2019 the Central Bank of Tanzania (Bank of Tanzania) issued a Circular No. LB.178/179/01/8 to all Operating Banks and Financial Institutions in Tanzania warning against engaging, partnering or enter into agreements with other entities to operate payment systems instruments without the Central...
Download Central Bank Circular – Location of Primary Data Centre in Tanzania
INTRODUCTION: On 21st June 2017 the Bank of Tanzania (BOT) issued a directive to all Bureau de change on re-licensing requirements. The directive among others, required all Bureau de change to be relicensed and comply to operational requirements among others, capital requirements, staffing and governance. Subsequently, late 2018 the Central Bank conducted physical supervisory compliance...
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