Tax laws

BURS strengthens tax laws » TheVoiceBW

The Botswana Unified Revenue Service (BURS) is undertaking some key activities which are expected to accelerate the operational efficiency of BURS in collecting tax revenue.

In a recent media briefing, Finance and Economic Development Minister Peggy Serame said some of these activities include reviewing tax legislation.

“We are undertaking a comprehensive review of the Value Added Tax Law and the Income Tax Law to ensure that these laws anchor the effectiveness of tax revenue mobilization in modern society,” he said. said the Minister of Finance.

Serame said the review will result in the enactment of a new tax administration law, as well as the revision of the income tax law and the VAT law.

BURS, according to Serame, will also increase tax checks and controls.

“BURS builds the capacity, skills and abilities of its auditors to ensure that there is no tax revenue that escapes the government,” she said.

The minister said this includes continuing education for tax auditors in general, auditing techniques and in specialist areas such as international financial reporting standards, auditing of the telecommunications, mining, retail and financial, as well as transfer pricing.

“To this end, auditors have started audits in these specialist sectors and BURS continues to explore the possibility of auditing other areas such as the tourism sector,” she said.

Meanwhile, the tax agency at the end of March said revenue collected amounted to 45.3 billion pesos, exceeding a target of 44.4 billion pesos.

BURS Commissioner General Jeanette Makgolo said this was due to a tightening of income tax and VAT collection.

Finally, the government increased the VAT from 12% to 14% while more taxes such as sugar tax were introduced.

“You will agree with me that at this time when macroeconomic conditions are not favorable to achieve optimal revenue collection, such collection is not a windfall, but the result of deliberate effort and hard work by visionary men and women of BURS, and of our main stakeholders. said Makgolo.

In the 2022/2023 financial year, the tax agency plans to collect 46.433 billion pesos.