Botswana: Amendments to income tax law exempt corporate bodies from income tax, increases in tax-free pension thresholds
The government published amendments to the income tax law.
Exempt corporate bodies from income tax, increases in tax-free pension thresholds
The government published the following amendments to the income tax law:
- Corporate bodies exempt from income tax: Statutory Instrument No. 148 of 2022 amends Part I of the Second Schedule to the Income Tax Act (Cap 52:01) to include licensees of the special economic zones development authority (SEZA) to the list of corporate bodies exempt from income tax for the period 1 July 2022 to 30 June 2032. SEZA licences assist investors planning to operate or already operating in special economic zones (SEZs).
- Approved superannuation (pension or retirement) funds: Statutory Instrument No. 147 of 2022 (11 November 2022) replaces the existing Income Tax Superannuation Funds Regulations 2001 (Statutory Instrument No. 53 of 2001), which defines “approved superannuation fund” as used in section 2 of the Income Tax Act (Cap 52:01). The new regulations provide, among other things, for increases in the thresholds of pension entitlements members are allowed to commute tax free.
Read a November 2022 report prepared by the KPMG member firm in Botswana
For more information, contact a KPMG tax professional in Botswana:
Natasha Mulenga | email@example.com
Leonard Muza | firstname.lastname@example.org
Kenneth Sakonda | email@example.com
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.