VAT raised, sugar tax launched as deficit balloons

Monday, February 01, 2021

Finance Minister Thapelo Matsheka PIC. KENNEDY RAMOKONE

Finance and Economic Development minister, Thapelo Matsheka this afternoon confirmed that Value Added Tax would rise to 14% from April, while a new sugar tax would be introduced this year as part of measures to restore fiscal stability in the face of mounting budget deficits.

According to his budget speech delivered to a virtual parliament, the 2020/21 financial year which ends on March 31 is expected to reflect a deficit of P21 billion, the highest in history according to available statistics.

“This is an extremely serious deterioration of our fiscal position and it has resulted in a rapid depletion of our reserves in the Government Investment Account,” Matsheka said.

Already have an active account? Log in here.

Or Sign up and get unlimited access to premium articles.

Malebo Raditladi-Nkgakile and the rest of the Botswana Netball Association (BONA) committee members were removed from office on Saturday PIC: MORERI SEJAKGOMO

Motion of no confidence ejects netball exco

Correspondent | 1d ago

Gaborone giants face diamond sides in FA Cup quarterfinals

Kabelo Boranabi | 1d ago

Morapedi heaps praise on Gaolaolwe

Larona Makhaiza | 1d ago

Den makes winning return for Kopong200

Kabelo Boranabi | 1d ago

No two ways; marathons must be regulated

Mqondisi Dube | 1d ago

Sweet revenge as Nawa clinches J30 Singles title

Calistus Kolantsho | 1d ago

Mpote sees FA Cup loss as a blessing, wants to focus on league

Larona Makhaiza | 23 m ago

KTM celebrates life of Jesus Christ

Nnasaretha Kgamanyane | 1d ago

Routine child vaccination imperative

The recent Vaccination Day in Motokwe, orchestrated through collaborative efforts between UNICEF, USAID, BRCS, and the Ministry of Health, underscores a commendable stride towards fortifying child health services.The painful reality as reflected by the Ministry of Health's data regarding the decline in routine immunisation coverage since the onset of the pandemic, is a cause for concern.It underscores the urgent need to address the...

The Monitor Editor | 15 April 2024

About us

Mmegi is the leading independent source of breaking news, latest news, current
affairs, Politics, Business, Sport, debates, analysis, and entertainment news in Botswana.

Explore

More