Africa-Press – Tanzania. THE Ministry of Industry and Trade has extended the one-year deadline to submit final beneficial owners information to companies registered before July 1, 2020.
The extension comes after the expiry of the initial six-month deadline from July 1 last year.
Business Registrations and Licensing Agency (BRELA) said in a public notice over the weekend that the Minister for Industry and Trade through government announcement No. 189 of February 12, 2021, has extended to twelve months for submission of final reports for beneficial owners.
“Minister for Industry and Trade… extend(s) the period of twelve months from January 1, 2021 for the submission of the beneficial owners to the registered companies before July 1, 2020,” BRELA notice published on this paper read.
According to the public notice, the requirement to submit the said information is the result of an amendment to the Companies Act, Cap 212 made through the Finance Act, 2020 with a view to facilitating access to information for beneficial owners.
Meanwhile, BRELA in collaboration with the Ministry of Industry and Trade is in the final stages of finalising the beneficial owners’ code which will set out the procedure for collecting and storing the information.
BRELA urges business owners and the general public that to avoid any inconvenience it may cause to use the additional time to submit relevant information in advance and not to wait for a deadline.
