Cattle farmers decry �impoverishing� new tax
Friday, November 06, 2015
With the new Income Tax (Amendment) Act of 2015, government has exempted the Botswana Meat Commission (BMC) from the 15% taxation and replaced it with four percent tax on money paid to farmers for the supply of cattle deducted as withholding tax.
BNBPU chairperson, Madongo Direng said although it is a good move for the government to do away with taxation of the BMC on gross income derived from sale of meat and meat products, it is “totally unacceptable” to replace it with taxation of the cattle farmers on gross income derived from the sale of cattle for slaughter or feeding.
While the political shift brings hope for change, it also places immense pressure on the new administration to deliver on its election promises in the face of serious economic challenges.On another level, newly appointed Finance Minister Ndaba Gaolathe’s grim assessment of the country’s finances adds urgency to the moment. The budget deficit, expected to be P8.7 billion, is now anticipated to be even higher due to underperforming diamond...