Mr Parameswaran bought a fledgeling 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 these amendments, the Audit Department was opened as a separate 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: US$ 11.0 billion (2017, estimate)
Real GDP growth rate: 4% (2017, estimate)
GDP per capita: US$ 5,068.9 (current prices, 2017 estimate)
GDP composition by sector (2016, estimate)
- Agriculture: 1.8%
- Industry: 29.8%
- Services: 68.4%
Unemployment rate: 17.70% (2016)
Inflation rate - 3.5% (Average, 2017) and 2.8% (Quarter 1, 2018)
The current population of Botswana is over 2.3 million people.
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:
- Southern African Customs Union (SACU)
- Southern African Development Community (SADC)
- Economic Partnership Agreement (EPA) with the European Union (EU).
- China and India
- South American customs union (Mercosur)
- Other common customs areas
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, at 15% for all manufacturing concerns and all companies operating within the jurisdiction of the BITC and 22% for other non-manufacturing companies. The country also has a low personal tax threshold as the minimum bracket stands at 25%.
VAT, however, is imposed comprehensively on an end-user basis and the rate of 12% on standard-rated supplies and 0% on zero-rated supplies.
Botswana Export Development Investment Agency (BEDIA) was merged with IFSC to create Botswana Investment Trade Centre (BITC). CORRECTED TO BITC
12% is the standard rate.
Botswana has entered into Double Taxation Agreements (DTA) with a number of countries, for example, South Africa, United Kingdom, India, Sweden, Namibia, Mauritius, Mozambique, 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