United Republic of Tanzania
Implements new Investment Act - reduces incentives for investment (2/2)
22 Dec 2022
On 2 December 2022, the Parliament of Tanzania passed the new Tanzania Investment Act, 2022 in Kiswahili. The new Act contains additional requirements for investors under the Strategic or Major investment category to qualify for incentives:
- a minimum investment capital of $20 million for Tanzanian investors and $50 million for foreign investors.
- investors must generate at least 1,000 local jobs, increase exports by at least 50 per cent, stimulate production in various social and economic sectors, introduce new technologies to Tanzanians, and produce products or provide services based on the nation's priorities.
The Act also removed the automatic immigration quota incentive, which was expressly provided for under section 24 of the repealed Act. Previously, an investor registered at the Tanzania Investment Centre would be allowed up to 5 immigration permits, typically for strategic employees.
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Promotion and facilitation (Investment facilitation , Investment incentives)
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