The Finance Act 2023 Implementation of Budgetary Measures

The Finance (Miscellaneous Provisions) Act 2023 (the Finance Act 2023) was enacted by the Mauritian Parliament and, on 20 July 2023, received presidential assent. It amends numerous primary enactments in Mauritius mainly in order to give effect to the budgetary measures announced by the Honourable Minister of Finance in his Budget Speech 2023-2024 delivered on 2 June 2023.

Commentary on Delineation of Regulatory Oversight Directive Pending Amendment of Petroleum Industry Act

The President of the Federal Republic of Nigeria has issued a directive on the delineation of regulatory oversight between the Nigeria Upstream Petroleum Regulatory Commission (NUPRC) and the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in relation to the regulation of terminal operations and the export of crude oil pursuant to sections 7(ee) and 32 of the Petroleum Industry Act (PIA) pending the amendment of the PIA.

Immediate Taxpayer Considerations for July 2023 After Lifting of Finance Act, 2023 Suspension

In June 2023, the Finance Act of 2023 (the Act) brought significant changes to Kenya’s taxation statutes. However, the Act faced a suspension due to a constitutional petition, causing uncertainty for taxpayers. A Court of Appeal ruling on 28 July 2023 has now lifted the conservatory orders suspending the implementation of the Finance Act, and the Finance Act is therefore deemed to have been effective from 1 July 2023. Taxpayers must now consider immediate actions and implications.

Disclosure Obligations in Respect of Persons with Significant Control

The concept of disclosure of Beneficial Ownership (BO) or Persons with Significant Control (PSC) of companies in Nigeria started gaining prominence over a decade ago in the drive to implement the Financial Action Task Force (FATF) recommendations on money laundering and financing of terrorism and further to Nigeria’s subscription to the membership of the Extractive Transparency Initiative (ETI) and Open Government Partnership (OGP).

Bank of Tanzania Issues Restrictions on Use of Foreign Exchange

Pursuant to the Bank of Tanzania Act, 2006, the Bank of Tanzania is given the mandate to formulate and implement monetary policies. Given that, the Bank of Tanzania has severally issued circulars and public notices reminding the public to adhere to the legal and regulatory requirements.

Commentary on Transfer of Licence and Permit Regulations, 2023

The Petroleum Industry Act (PIA) empowers the Nigerian Midstream and Downstream Petroleum Regulatory Authority (the Authority / NMDPRA) to issue licenses and permits for the transportation and storage of crude oil (midstream), and the conversion of crude oil into finished products (downstream) to licence or permit holders (Regulated Entity(ies)) in the Nigerian oil and gas industry.

New Categorisation of Data Controller / Processor and Duty to Register as A Data Controller and Processor

As highlighted in the publication – An Overview of The Nigeria Data Protection Act 2023, one of the key provisions of the Nigeria Data Protection Act (NDPA or Act) is the introduction of a new classification of data controllers and processors i.e., “Data Controllers and Data Processors of major importance” (DCPMI) and the compulsory registration obligations with the Nigeria Data Protection Commission (the NDPC or Commission) where they meet the threshold/benchmark for such registration.

An Overview Nigeria’s Data Protection Act 2023

The Nigeria Data Protection Act 2023 (the Act) is the first major federal legislative instrument for the processing and protection of personal data in Nigeria and supersedes any other law or enactment that relates directly or indirectly to the processing of personal data.