Post by miriammuraba on Mar 27, 2019 20:25:48 GMT 4
Botswana's 2019 Budget was delivered by the Minister of Finance and Economic Development to the National Assembly on 4 February 2019. The minister announced the continued need to expand the tax base through a review of tax legislation and regulations and announced that:
following a review of amendments to Botswana's International Financial Services Centre Regime, the Organisation for Economic Cooperation and Development ("OECD") declared the regime not to be harmful;
following Botswana's joining of the Base Erosion and Profit Shifting ("BEPS") Inclusive Framework in June 2017, transfer pricing has been introduced as an amendment to the Income Tax Act; and
during the course of the 2019/202 financial year, the Capital Transfer Tax Act is to be amended as follows:
removing the ceiling of P15 000 for exemption of the transfer of property such as household goods and personal belongings to heirs;
increasing the value of exempt gifts from P5 000 to P25 000; and
exempting the transfer of immovable property currently exempted under the Transfer Duty Act.
following a review of amendments to Botswana's International Financial Services Centre Regime, the Organisation for Economic Cooperation and Development ("OECD") declared the regime not to be harmful;
following Botswana's joining of the Base Erosion and Profit Shifting ("BEPS") Inclusive Framework in June 2017, transfer pricing has been introduced as an amendment to the Income Tax Act; and
during the course of the 2019/202 financial year, the Capital Transfer Tax Act is to be amended as follows:
removing the ceiling of P15 000 for exemption of the transfer of property such as household goods and personal belongings to heirs;
increasing the value of exempt gifts from P5 000 to P25 000; and
exempting the transfer of immovable property currently exempted under the Transfer Duty Act.