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Companies (Regulation of Dividends and Surpluses) Regulations, 1972

Government Notice 159 of 1972

Companies (Regulation of Dividends and Surpluses) Regulations, 1972
Citation
Government Notice 159 of 1972
Primary work
Companies Act
Date
31 July 2002
Language
English
Type
Government Notice
Collections
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Tanzania
Companies Act

Companies (Regulation of Dividends and Surpluses) Regulations, 1972

Government Notice 159 of 1972

  • Published in Tanzania Government Gazette
  • Commenced
  • [This is the version of this document at 31 July 2002.]
  • [Note: This legislation was revised and consolidated as at 31 July 2002 and 30 November 2019 by the Attorney General's Office, in compliance with the Laws Revision Act No. 7 of 1994, the Revised Laws and Annual Revision Act (Chapter 356 (R.L.)), and the Interpretation of Laws and General Clauses Act No. 30 of 1972. All subsequent amendments have been researched and applied by Laws.Africa for TANZLII.]
[G.N. No. 159 of 1972]

1. Citation

These Regulations may be cited as the Companies (Regulation of Dividends and Surpluses) Regulations.

2. Interpretation

In these Regulations, unless the context otherwise requires—"Act" means the Companies Act1;1Cap. 212"specified parastatal" includes a corporation specified in Part II of the Tenth Schedule to the Act.

Part I – (regs 3-7)

3. Application to specified parastatals

This Part shall apply to all specified parastatals.

4. Submission of accounts upon being specified

Every specified parastatal shall, within ninety days of the effective date, submit to the Treasury Registrar—
(a)a copy of the duly audited balance sheet in respect of the financial year (hereinafter referred to as "the relevant financial year") which was the last financial year preceding the effective date in respect of which such duly audited balance sheet exists;
(b)copies of duly audited balance sheets in respect of the two financial years immediately preceding the relevant financial year;
(c)copies of duly audited profit and loss accounts for the relevant financial year and the two financial years immediately preceding the relevant financial year;
(d)copies of the income tax returns made by the company pursuant to the provisions of the Income Tax Act2 for—2Cap. 332
(i)the last financial year preceding the effective date in respect of which such return was made; and
(ii)the two financial years immediately preceding the financial year referred to in subparagraph (i);
(e)particulars of any additional assessments raised under the Income Tax Act in respect of any of the financial years to which paragraph (a) applies or any subsequent financial year;
(f)provisional balance sheets and profit and loss accounts for the financial years subsequent to the relevant financial year and preceding the financial year in which the effective date occurs;
(g)estimated cash flows and profits and losses for the financial year in which the effective date occurs;
(h)investment plans for the financial year in which the effective date occurs and the two financial years immediately succeeding such financial year.

5. Submission of annual accounts, etc.

(1)Every specified parastatal shall, within one hundred and eighty days of the close of every financial year submit to the Treasury Registrar—
(a)copies of the duly audited balance sheet and profit and loss accounts in respect of such financial year;
(b)a copy of the income tax returns made by the company in respect of such financial year;
(c)particulars of additional assessment raised under the Income Tax Act in respect of any of the financial years to which paragraph (a) of regulation 4 applies or any subsequent financial years, where such particulars were not previously furnished to the Treasury Registrar;
(d)a detailed analysis of the use of cash flow during such financial year showing in particular—
(i)the amount paid, declared or set aside for payment of dividends;
(ii)the amount utilised for the reduction of any loan, whether by overdraft or otherwise, advanced to the company by the National Bank of Commerce;
(iii)the amount invested in any bill, bond or stock issued under the Government Loans, Guarantees and Grants Act3 or in any other security issued by the Government;3Cap. 134
(iv)the amount invested in any authorised investment;
(v)the amount utilised for the payment or reduction of debts owed or owing by the company;
(vi)the amount set aside as working capital for the ensuing financial year;
(e)a detailed analysis of the use of the profits made by the company during such financial year.
(2)The provisions of this regulation shall be without prejudice to the requirement of subsection (5) of section 368 of the Act.

6. Project cash flow budget, etc.

Every specified parastatal shall, not later than thirty days immediately preceding the commencement of every financial year, submit to the Treasury Registrar—
(a)a draft of the opening balance sheet in respect of such financial year;
(b)a cash flow budget and profit and loss budget for such financial year;
(c)a fixed investments budget for the financial year;
(d)a fixed investments projection for the three years commencing with such financial year.

7. Further particulars

The Treasury Registrar may, by notice specified in writing require a (specified company to) submit to him such further and better particulars as he may deem necessary within such time as he may specify in such notice.

Part II – (regs 8-9)

8. Application to companies other than specified parastatals

This Part shall apply to companies other than specified parastatals or foreign companies.

9. Treasury Registrar may call for particulars

The Treasury Registrar may, by notice in writing addressed to a company, require such company to submit to him, within such time or at such intervals as may be specified in the notice, all or any of the documents or other particulars which a specified company is or may be, under the provisions of Part I, required to submit to the Treasury Registrar.

Part III – (regs 10-14)

10. Application

This Part shall apply to all companies to which Part I or Part II applies.

11. Treasury Registrar may require audit

Where the Treasury Registrar is satisfied that a company is not maintaining its accounts in accordance with the standard accounting practice he may, by notice in writing, require such company to maintain its accounts in accordance with such practice and require the company to have its accounts audited by an auditor approved by the Treasury Registrar.

12. Forms

Accounts, particulars and information required to be submitted or given by or under these Regulations shall be submitted or given in such form as the Treasury Registrar may from time to time approve, and where any accounts, particulars or information are not submitted or given in the form approved by the Treasury Registrar, the Treasury Registrar may reject the same and require the company to resubmit such accounts, particulars or information in proper form within such further time, if any, as the Treasury Registrar may specify.

13. Enlargement of time, etc.

The Treasury Registrar may, for sufficient cause, by writing under his hand enlarge the time within which any accounts, particulars or information are required to be submitted or given by or under these Regulations.

14. Offences

(1)Any company which fails to submit or give any accounts, particulars or information required to be submitted or given by or under these Regulations within the time provided for in these Regulations or, where such time is not so provided for, within the time specified in any notice given by the Treasury Registrar or, where in the exercise of the power conferred upon the Treasury Registrar by regulation 13 he has extended such time, within such extended time, the company shall be guilty of an offence and shall be liable, on conviction, to a fine not exceeding fifty thousand shillings.
(2)Where any company submits any accounts or particulars, or gives any information, which is false in any material particular, the company shall be guilty of an offence and shall be liable on conviction to a fine not exceeding fifty thousand shillings.
(3)[Omitted.]
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History of this document

31 July 2002 this version
Consolidation

Cited documents 3

Act 3
1. Companies Act 1011 citations
2. Income Tax Act, 2004 23 citations
3. Government Loans, Guarantees and Grants Act 7 citations

Documents citing this one 0