TIC Guideline.pdf - Tanzania Investment Centre

• Others include Patent Act, 1987, Trade and Services Marks Act, 1987; Business Names
(Registration) Act; Public Corporations Act, 1992; Arbitration Act, R.L Cap. 15.
• Employment Act: (RL.Cap 366): Consolidates laws relating to labor, and regulates
conditions of employment.
• Severance Allowance Act: Cap 487 (No. 57 of 1962): Guides the payment to all
employees on the termination of their employment.
• Security of Employment Act: (Act No.62 of 1964): Provides for the establishment
of workers’ committees and matters related to the discipline of employees.
• Workmen’s Compensation Act: (R.L Cap 263): Provides for compensation to
workers for injuries suffered in the course of their employment.
• Immigration Act, 1995: Provides for the controle of immigration in Tanzania.
• Fair Competition Act, 2003: Provides for promotion and protection of effective
competition in trade and commerce, to protect consumers from unfair and misleading
market conduct.
Regulatory and legal framework for the financial sector and other
sectorial related frameworks
• Financial Laws (Miscellaneous Amendments) Act, No 27 of1997: Aimed
at amending certain financial laws that had potential conflict with provisions in the
Tanzania Investment Act of 1997. The laws which were affected by this Act are some
sections of the Income Tax Act, 1973, Customs Tariff Act 1976, Sales Tax Act, 1976
(since repealed) and the Immigration Act, 1995.
• Capital Markets and Securities Act, 1994: Provides for the establishment of a Capital
Markets and Securities Authority (CMSA) for the purpose of promoting and facilitating
the development of capital markets.
• Bank of Tanzania Act, 1995: The Act provides for the establishment, constitution
and functioning of the Bank of Tanzania as the Central Bank of the United Republic of
Tanzania. It expressly specifies its functions and the objectives of its regulatory and
supervisory powers over all banking and financial institutions in Tanzania.
• Foreign Exchange Act, 1992: Provides for the administration and management of
dealings and other activities in relation to gold, foreign currency, securities, payments,
debts, imports, exports, transfer or settlement of property.
• Banking and Financial Institutions Act, 2006: Provides for comprehensive
regulation of banks and financial institutions with a view to maintaining the stability,
safety and soundness of the financial system.
• Bank of Tanzania Act, 2006: Provides for a more responsive regulatory role of the
BoT in relation to the formulation and implementation of monetary policy; provides for
the supervision of financial institutions.
• Income Tax Act, 2004: Provides for the charge, assessment and collection of income
tax and for the ascertainment of the income to be charged and for matters incidental
thereto.
8