Legal Update – 28 February 2024
Tanzania Investment Regulations Amended
- Composition of Technical Committee changed
- Timeline for Minister to determine appeals prescribed
- Minister decisions appealable in Court
On 9 February 2024, the Minister of State, President’s Office Planning and Investment issued the Tanzania Investment (Amendment) Regulations 2024 (the amendments) via Government Notice No. 83. The said amendments amend few provisions of the Tanzania Investment Regulations, 2023 (the Regulations).
Regarding composition of the Technical Committee, the Tanzania Investment Act (the Act) establishes a Technical Committee (the Committee) for purposes of ensuring smooth implementation of the functions of the National Investment Steering Committee (NISC). The said Committee is comprised of a number of members and the Chairman was the Permanent Secretary from the Ministry responsible for investment matters. According to the amendments, the Deputy Permanent Secretary responsible for economic management from the Ministry of finance has now become the Chairman of the Committee.
Further, the Regulations allow investors/a person who is aggrieved with any decision rendered by the Tanzania Investment Centre (the Centre) to appeal by writing a letter to the Minister responsible for investment (the Minister) within 21 days from the date on which the decision was made. Thereafter, the Minister may confirm, reverse or vary the decision or issue specific directives in respect of the decision made by the Centre. In order to increase efficiency and fast track matters, the amendments have now set a timeline of 14 days within which the Minister has to determine the appeal.
Lastly, the amendments have added a new sub-regulation (4) under regulation 35 of the Regulations to allow a person who is dissatisfied with the decision of the Minister to seek remedies in Court. It is worth noting that prior to the amendments, the decision of the Minister was final, and therefore, an aggrieved person could only go for judicial review.
To read the Tanzania Investment Regulations, 2023 click here
To read the Tanzania Investment (Amendment) Regulations 2024 click here
