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 | natasha.mulenga@kpmg.bw
Leonard Muza | leonard.muza@kpmg.bw
Kenneth Sakonda | kenneth.sakonda@kpmg.bw
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