AMENDMENT TO THE COMPANIES ACT, CAP 212 (Requirement to Notify the Registrar on Shareholding Changes within 28 Days)

The Written Laws (Misc. Amendments) (No.3) Act, 2021 has amended the Companies Act, Cap 212 by introducing the requirement to all registered companies to notify the Companies Registry when a transfer or transmission of shares has been made in a company. The amendment of the law requires a company which has transferred or transmitted its shares to new shareholder, to notify the Registry within twenty-eight (28) days from the date of transfer or transmission. The said notification must be attached with a copy of the Tax Clearance Certificate obtained from the Tanzania Revenue Authority.