Archive for February 12th, 2010
source: The Botswana Gazette
Written by NCHIDZI SMARTS
Thursday, 11 February 2010 00:00
Timing is not wise – experts
Value added tax will be increased to 12 percent.
The two-tier corporate tax will be abolished to be replaced with a final corporate tax of 25%, although companies designated as manufacturing and IFSC will continue to attract a company tax rate of 15%.
Parastatals will be strictly required to give government 25% of their revenues.
Presenting his maiden budget speech to Parliament on Wednesday, Finance Minister Kenneth Matambo said mineral resources are not expected to return to pre-recession levels in real terms until 2012/13. Non-mineral income taxes are expected to grow in part because of the sustained real growth in the non –mineral sector of the economy.
Matambo said the Customs revenue for [continue reading]
11 February, 2010
FRANCISTOWN – Governments decision to finance part of this years deficit of P12.1 billion is a positive move as it will go a long way in developing local capital markets, says Motswedi Securities economic analyst Mr Garry Juma.
He was commenting on the budget speech in which the Minister of Finance and Development Planning, Mr Kenneth Matambo, said the deficit will be financed by borrowing largely from the domestic capital market.
Analysing the social, political, and economic implications of the budget during the 2010 budget review session in association with Stanbic Bank, Mr Juma maintained that drawing down on the reserves and borrowing from local markets was critical to resuming rapid economic growth.
He said since the budget was presented under the [continue reading]
The commander of Ground Forces, Major General Pius Mokgware has quietly left the military amid speculation that he has been pushed out.
The Botswana Defence Force (BDF) confirmed yesterday that they have parted company with the man popular for such exercises as Operation Matsubutsubu.
During the exercise, selected members of the media were drafted in to experience what military training is. Traditionally the BDF is the first to issue press releases about its retiring generals.
Usually the retiring generals leave in style with high profile farewell parties staged for them. However the two BDF spokesmen, Ben Ragalase and Colonel Mogorosi Baatweng seemed to be in a fix when [continue reading]
February 12 2010 at 07:11AM
By Luvuyo Mjekula
Irate workers have demanded that Fifa stops importing football World Cup-related clothes and mascots from China at the expense of local workers and manufacturers.
Angry traders and workers led by Cosatu protested outside Fifa’s offices yesterday and submitted a memorandum to Local Organising Committee (LOC) officials. They said clothing, scarves, fleece blankets, flags and caps were being imported from sweat shops in China.
“The manufacturing of Zakumi (the World Cup mascot) in China is the tip of the iceberg and many other products have now been discovered to have been bought outside South Africa,” they said.
Beer import deals posed a challenge to brewery jobs
They said buses for Fifa activities were being imported when they could be made locally. Beer import deals posed a [continue reading]
Foreign-owned businesses operating in Zimbabwe, including banks and mines, will be forced to sell a majority stake to locals within the next five years under government regulations due to take effect in March.
But Prime Minister Morgan Tsvangirai said the rules, which are seen as a serious blow to efforts to lure foreign investors, were null and void because they were published without being reviewed by him or the cabinet.
The dispute reflects growing tension in the country’s year-old coalition government formed between Tsvangirai’s Movement for Democratic Change (MDC) and President Robert Mugabe’s ZANU-PF.
According to a copy of the regulations, seen by Reuters on Wednesday, indigenous Zimbabweans should hold a controlling interest in foreign-owned businesses with asset values above $500,000.
Zimbabwe’s Parliament in late 2007 passed an [continue reading]
Harare – The leader of a UN programme to protect endangered species says Zimbabwean security forces are spearheading the poaching of elephants and rhinos in the troubled country.
The secretary-general of the UN Convention on International Trade in Endangered Species (Cites), Willem Wijnstekers, said the Zimbabwe government would be brought before his organisation’s board to explain the poaching.
He said an investigation had found [continue reading]