Urging parliament to adopt the Botswana/Seychelles Double Taxation Avoidance Agreement last week, Botswanian Minister of Finance and Development Planning Baledzi Gaolathe, stated that such agreements will help support and encourage foreign investment.
Gaolathe told Parliament that the agreement covers taxes on income and provides for co-operation on avoidance of double taxation and prevention of tax evasion on income and capital gains.
The minister went on stress the importance of such agreements in the development of Botswana as an international financial services centre where firms will be conducting much of their business with foreign-based businesses.
Gaolathe explained that the Botswana/Seychelles agreement would also open up possibilities for mutual co-operation in the prevention of tax evasion, avoidance and fraud by providing for the exchange of information on taxpayers.
The DTA will enter into force in July next year following the ratification of the agreement by lawmakers in both countries.
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