11 Jun 2014

Botswana and Ireland have signed an agreement on double taxation avoidance to enable free tax income flowing between the two countries.

Speaking at the signing agreement in Gaborone on June 10, finance and development planning minister, Mr Kenneth Matambo said the agreement was a commendable move because it was only when there was a mutual desire to conclude a bilateral agreement, and that such expeditious progress could be achieved.

He said the agreement would facilitate closer cooperation between the two countries' tax administrations while also curbing or eliminating any chances of double taxation of income flowing between the two jurisdictions.

Minister Matambo said the agreement would also help to guard against tax evasion through mutual assistance in collection of taxes and exchange of information between the two countries tax authorities.

He said it was also important because it was compliant with international standards as determined by the Global Forum on Transparency and exchange of Information for Tax purposes, adding that Botswana will complete all necessary procedures required by law to bring the agreement into force as soon as possible.

Mr Matambo said Botswana offered many advantages for investors and asked Ireland minister of trade and development, Mr Joe Costello to encourage his business people to come to Botswana and invest here as they would enjoy the lowest tax rates in the region.

For his part, Mr Costello said the signing of the agreement will open business doors to the communities of the two countries.
 He said Botswana was a stable country to do business with and expressed hope that the agreement would improve the business ties between the two countries to the benefit of the business communities of the two countries. Ends