News FlashesFebruary 28, 2019News Flash 28 February 2019 – BOTSWANA – 2019-2020 Budget Speech

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BOTSWANA BUDGET SPEECH HIGHLIGHTS

The Minister of Finance and Economic Development, Hon. Kenneth Matambo, presented the 2019 Budget Speech to Parliament in February 2019.

The 2019/2020 budget proposals emphasize the need for Botswana to consolidate development gains for further economic development.

Key highlights:

  • Growth rates forecast are 4.5%, 4.2% and 4.8% in 2018, 2019 and 2020, respectively
  • The projected 2019/20 budget deficit is estimated at P7.34 billion representing minus 3.5% of GDP
  • The revised budget forecast for 2018/2019 is a deficit of P6.96 billion compared to the initial estimated deficit of P3.59 billion
  • The government has reviewed the Botswana International Financial Services Centre tax regime which led to the amendment of the Income Tax Act by Parliament in December last year
  • The Minister confirmed the publication of the Income Tax (Amendment) Act, 2018 – Act No.38 of 2018 amending the anti-avoidance provisions and introducing Transfer Pricing (TP) legislation. The effective date of the legislation is 1 July 2019
  • A Bill to amend the Transfer Duty Act will be presented to Parliament in March 2019
  • The Capital Transfer Tax Act will be amended to align it to the Transfer Duty Act

No changes to PAYE rates proposed.

Contact our legislation team at info@crs.co.za if you require any additional information.
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