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Mazars Botswana

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Mazars Botswana

Overview:

Mazars, a different player in auditing, accounting, tax and advisory services in Botswana

Mazars in Botswana was founded by the late Mr Raju Parameswaran in 1982, when he bought a fledgling proprietary accounting practice in Lobatse, south of the capital city Gaborone. It was originally named Acme Services (Pty) Limited.

In 1995 Acme Services (Pty) Ltd spread its roots internationally and with that it changed its name to Moores Rowland. In 1999 the firm opened its Gaborone office. By 2001 the client base in Selebi Phikwe and Ghanzi had grown so extensively that offices were opened in both of these towns. In 2006 the head office was shifted to Gaborone and two more branches were opened in Palapye and Maun. Following the amendments to the Companies Act in 2007 and the huge demand in audits due to theses amendments the Audit Department was opened as a seperate division in 2008.

In September 2008 the firm joined Mazars. Mazars Botswana offers a broad range of services and has a large number of clients ranging from OMBs to parastatals. Currently they have 115 staff members divided between six offices.

Botswana, formerly a British protectorate of Bechuanaland, is a landlocked country in Southern Africa bordered by Namibia, Zambia, Zimbabwe and South Africa. Botswana has had a stable political system ever since it gained its independence on 30 September 1966. Today it is considered one of the most rapidly developing market economies in Africa and as a result Botswana has maintained one of the world's highest economic growth rates since its independence.

The country's economy is dominated by the diamond, tourism and beef industries as well as its ever growing service sector. The current population is just under two million people. The monetary unit of Botswana is the Pula and the capital city is Gaborone.

Botswana has the following features:

   Stable economy
   Democratic government
   Low inflation
   Good infrastructure
   Low tax regime
   Customs incentives
   High sovereign rating in Africa
   Political and social stability

A few statistics that reflect the economic strength of the country:

GDP: $27.06 billion (2008 est.)

GDP real growth rate: 2.9% (2008 est.)

GDP per capita: $13,900 (2008 est.)

GDP composition by sector:

   Agriculture: 1.6%
   Industry: 52.6% (including 36% mining)
   Services: 45.8% (2008 est.)

Unemployment rate: 7.5% (2007 est.)

Inflation rate: 12.6% (2008 est)

The country as a whole has experienced good development in the form of infrastructure as well as an improvement in the standard of living.

Botswana has entered into a number of trade agreements, which allow exported goods to enjoy customs duty concessions.

These agreements are with:

   European Countries
   USA
   SADC Countries
   Members of the common customs area

There are also custom incentives available in Botswana.

Botswana has one of the simplest tax regimes in the world. In addition to this the corporate tax rates in Botswana are the lowest in the SADC region, they are 15% for manufacturing companies and 25% for non-manufacturing companies. The country also has a low personal tax threshold as the minimum bracket stands at 25%.

Botswana has entered into Double Taxation Agreements (DTA) with a number of contries for example, South Africa, United Kingdom, Russia, Namibia, Mauritius, India and France. The consequence of the DTA is that income received from a source in Botswana by a non-resident from one of these countries would not be liable for tax, subject to specific conditions.

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