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BURS has developed a new income tax return company form, guide and annexure (new income tax company return SAT ATA 22) having considered the 2011 tax amendments published in the government gazette.

With effect from 01 July 2011, every individual who earns a taxable income of more than P36 000 will have to register himself with the Botswana Unified Revenue Service (BURS) and obtain a Tax Identification Number (TIN).

A sport light of the tax amendments that has been recently published in government gazette. These amendments will be effective from 1st July 2011 for the tax year June 2012, pending gazette publication.

Last date of filing for Withholding Tax return is 30 July 2010.

Utilisation of Additional Company Tax (ACT)

Removal of the two – tier system of tax

All tax payers paying more than P500 000.00 are requested to make an application to BURS to be given an account number to pay by direct debit/ electronic transfer with effect from 1 November 2009.BURS will accept cheques of more than P500 000 until 31 October.

BOTA has established a Vocational Training Fund (VTF) as mandated by the Vocational Training Act of 1998 to assist in the increase of the country’s skills base at the work place

Grant Thornton has put together important information that every tax payer needs to know including information on withholding tax rates, benefits in kind for salaried people, VAT and capital allowances.

The last date for filing the annual PAYE and other Withholding tax returns for the year ended 30 June 2007 is 31 July 2007. Tax compliance is essential to avoid penalties from BURS.

Grant Thornton has put together a few excerpts by experts on the recent income tax and VAT amendments.

• 2004 Income tax amendment bill • Double Taxation Avoidance Agreement • Tax audits - Beware of the taxman