Business
As a financial services hub, Botswana will not be a tax haven
Parliament approved the amendment of the Income Tax Act in December 2012 to allow the Botswana Unified Revenue Service to exchange information for tax purposes. Additionally, the amendment of the Banking Act is at an advanced stage and will be presented to the June/July 2013 session of parliament for approval. This amendment is mainly meant to repeal strict banking secrecy provisions and to allow for banking information to be provided for the purpose of exchanging information with treaty partners.
Botswana has so far concluded negotiations of protocols to amend the Article on Exchange of Information in the Double Taxation Avoidance Agreements with the Seychelles and South Africa to allow for effective exchange of information for tax purposes.
Negotiations to amend the Double Taxation Avoidance Agreements with Barbados are also at advanced stages, while having been concluded with Zambia and China.
