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Investment Act, 2023 (Act No.10 od f 2023).

Country/Territory
Zanzibar (United Republic of Tanzania)
Document type
Legislation
Date
2023
Source
FAO, FAOLEX
Subject
General
Keyword
Framework law Business/industry/corporations Internal trade International trade Institution Fiscal and market measures Subsidy/incentive
Entry into force notes
This Act enters into force upon being assented to by the President
Abstract

This Act consisting of 62 articles and five Schedules aims to promote and regulate investments in Zanzibar. Article 4 establishes the Zanzibar Investment Promotion Authority (ZIPA), a corporate entity having the capacity for legal actions, property transactions, and financial dealings. The functions of the Authority encompass establishing a conducive environment for investment, improving competitiveness, advocating Zanzibar as an appealing investment destination, and exploring investment opportunities. ZIPA is assigned responsibilities like overseeing approved investments, ensuring incentives align with the investor's business plan, and promoting national and international collaboration for streamlined investment activities. In addition, ZIPA manages Special Economic Zones, maintains a register, collaborates with micro, small, and medium enterprises, issues guidelines for corporate social responsibility, and suggests charges for its services. The Authority offers advice to the government on investment-related policies, and monitors incentive schemes. It is also empowered to designate representatives in other countries for implementing its functions. ZIPA shall be managed and administrated by a Board of Directors undertaking functions including (i) formulating and overseeing the implementation of policies; (ii) advising the Minister and relevant government institutions on investment matters; (iii) determining strategies for the Authority's operations; (iv) submitting regular performance reports.

Full text
English
Website
zanzibarassembly.go.tz