Hard times: VAT up to 12%

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]

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