Africa-Press – Botswana. Government is determined to generate, manage and optimise financial resources.
Presenting budget proposals to Parliament , Minister of Finance Mr Ndaba Gaolathe emphasised the new administration’s commitment to optimising existing revenue streams, broadening the tax base, and minimising inefficiencies and leakages within the financial system.
A key aspect of this strategy is the comprehensive review of tax legislation, which includes the introduction of Value Added Tax (VAT) on digital trade.
“This project aims to broaden the VAT tax base within the rapidly growing digital economy and promote fair taxation by ensuring a level playing field where both traditional and digital businesses are held to the same tax obligations,” Mr Gaolathe said.
The Minister announced that this initiative was expected to be completed by September.
Additionally, he said government was in the process of developing an electronic VAT invoicing solution designed to improve revenue collection efficiency.
This advanced system will enable real-time tracking of VAT transactions, benefiting both businesses and the Botswana Unified Revenue Service (BURS) by enhancing compliance and ensuring accurate reporting.
Like the tax legislation review, the completion of this project is also anticipated by September, he said.
To further bolster compliance and protect government revenue, Mr Gaolathe revealed plans for the development of a fiscal marking and monitoring solution.
This initiative, he said aimed to enforce compliance with excise regulations, curb illicit trade in excisable goods, and safeguard consumers from illicit products.
The Minister also stressed the importance of intensifying inspections of imported goods at ports of entry to enhance compliance and revenue collection.
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