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.
Insight type: Legal Alert
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.
New Emiratisation Targets Set for Private Companies
The Ministry of Human Resources and Emiratisation (MOHRE) recently announced an expansion to the Emiratisation targets imposed on private sector companies in UAE.
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.
Key Tax Changes Introduced by The Finance Act 2023
In May 2023, we released a legal alert analysing the Finance Bill, 2023 and its proposed implications. The Bill underwent significant public participation and a contentious Parliamentary debate.
Instruments Executed Outside Tanzania Subject to Stamp Duty Payment
In the recent past, Tanzania has experienced an increase in foreign investment which has subsequently resulted in an increase in cross-border transactions relating to assets in Tanzania, for example, the sale of shares and other investment assets.
Introducing the Nigeria Data Protection Act 2023
On Tuesday, 12 June 2023, President Bola Ahmed Tinubu assented to the passage of the Nigeria Data Protection Bill into law. The draft Data Protection Bill was introduced by the National Data Protection Bureau (NDPB) on the 4th of October 2022 and was approved by the Federal Executive Council in February 2023. The Nigeria Data Protection Act 2023 (NDPA) is the first major federal legislative instrument for the processing and protection of personal data in Nigeria.
KRA Introduces Disclosure Obligations for Related Party Transactions
In a recently published Public Notice (the Notice), the Kenya Revenue Authority (KRA) has enhanced the Income Tax Company Return (the Return) on the iTax platform to provide for the declaration of related party transactions by persons with related parties and whose ascertainment of gains or profits from a business is subject to the provisions of Section 18 or Section 18A of the Income Tax Act Cap 470 Laws of Kenya (the ITA).
Supreme Court: Burden to Establish Validity of Land Title Falls on Buyer
The Supreme Court of Kenya recently delivered a landmark judgment in Dina Management Limited v County Government of Mombasa & 5 others (Petition No. 8 (E010) of 2021), which has significant implications for property investors and stakeholders in Kenya.