ACCOUNTANTS IMPLORED TO ENSURE TAX COMPLIANCE
Government has implored accountants to help authorities improve the country’s tax collection competence, compliance and crafting alternative ways to finance public projects. “We need to improve the efficiency of tax collection and tax compliance, and this is clearly dependent on the quality of financial reporting and auditing,” said Minister of Finance, Peggy Serame addressing Botswana Institute of Chartered Accountants (BICA) members. She said accounting professionals need to ensure that firms and households pay the tax that is due. “Our tax rates remain relatively low, and improved tax efficiency compliance is the key to keeping them low,” Serame said. Government recently announced a reduction on goods and services tax from 14 percent to 12 percent, The Minister also highlighted that government is seeking innovative ways of financing public investment projects. “This in turn requires the exploration of new financing models, and a deep understanding of how these models impact on both government and the private sector with regard to risks and returns,” said Serame. Serame’s plea to accountants comes on the backdrop of the establishment of the Botswana Chartered Accountancy Qualification (CA Qualification) to develop home-grown citizen chartered accountants, to reduce reliance on non-citizen professional accountants. Currently, the country has 5 073 as at 31st December 2021, compared to 1 247 registered accountants as at 31st December 2010. According to Serame, the December 2021 membership is made up of 82 percent citizen accountants and 18 percent non-citizen accountants. She however said more still needs to be done to transform accounting technicians to professional accountants.