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SACU contributes 23% of 2019/20 budget

patriot by patriot
January 26, 2021
in Business
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SACU contributes 23% of 2019/20 budget
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Botswana receives a significant portions   of  her income   from the customs  and excise  revenues  sector  mainly  from the South Africa Customs Union (SACU)  which is significantly  becoming  important  in the local economy after gem stones and the tourism sector.

This  was said  by the minister of  Finance  and Economic Development  Kenneth Matambo  when officiating  at  the  24th  governing meeting  of  the World Customs Organisation  (WCO) of East and Southern Africa  in Gaborone organised by Botswana Unified Revenue Services (BURS).

The meeting , which  attracted  close to 24 member countries, was  meant  to constructively  seek solutions  to trade imbalances  and create a region  that will facilitate  trade efficiently to ensure  economic  growth and intra -regional trade.

“For the current  financial  year ,we estimate  the contribution  of the Customs collections  to the  government revenue  to  be about  23% of  the  state budget. We are fully aware of the part we have to play as the government to reduce over reliance on the customs revenues. Therefore it is for this reason  that we are pursuing  a number of economic  initiatives  with the view  to enhancing  the level of  investment in the country  therefore  broadening  our domestic  tax base,” said Matambo.

Though Matambo has  reiterated on the need to reduce  reliance on Customs revenue, he has pledged Botswana’s support towards  the World Customs Organisation  agenda  which is to solely advocate  for capacity building amongst  members to use  customs  management  as an effective  tool  for economic development.

“It is with great  pleasure  that most of the countries  which fall  under this organisation   or forum  have recently signed  to the African Continental  Free Trade Agreement,  a platform  which creates  an Africa  wide free  trade area. This will help accelerate economic integration   of the continent with the aim of achieving economic growth therefore reducing and attaining sustainable economic development,” he said.

According to Matambo, agreements such as the African Continental Free Trade Agreement create a single   market for goods and services with free movement of business people and investment therefore accelerating   the establishment of African Customs Union.

“We must acknowledge the central role that customs play in the implementation of these agreements. In addition  economic  integration  experts  advise  that for any economic grouping  to function  one of the  most critical steps  is to simplify  and harmonise  customs systems and  procedures  for participating countries,” Matambo said.

In order  to improve the trading  environment  Botswana  has already passed and enacted new laws  in 2018 which  will ensure customs are  well equipped  to keep up with  current, future developments as well as challenges.

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  • MASISI TO GRACE UB ALUMNI RÉUNION ON FRIDAYMarch 29, 2023
    The University of Botswana Foundation (UBF) will on 31st March 2023, host its Inaugural Alumni Reunion which will be held at the University of Botswana Campus Indoor Sports Centre under the theme “UB Alumni: Our Gateway to Academic  Excellence”. […]
  • Masisi’s 5 years Presidency scorecardMarch 29, 2023
    April 1 2023 marks President Mokgweetsi Masisi’s five years in office. He will seek a second term in next year’s general elections. Although Masisi has delivered on some of the promises he made in 2019 others remain a pie […]
  • Mine Workers Union maintains stance against LucaraMarch 29, 2023
    Botswana Mine Workers Union (BMWU) has previously enjoyed cordial relations with Lucara Botswana. It was until the Union’s intervention on reports of maladministration that the relationship between the parties took a turn for the worst. It would have been […]
  • BDP admits job creation failuresMarch 29, 2023
    KABO RAMASIA editors@thepatriot.co.bw Pressure is mounting on the ruling Botswana Democratic Party (BDP) due to unprecedented rise in unemployment levels, with the latest figures showing that 33.5 percent of young people are roaming the streets. According to a Quarterly […]
  • Lucara accused of firing 50 security guards for whistle blowingMarch 27, 2023
    Botswana Mine Workers Union (BMWU) has resolved to defend its fifty (50) members under the security department of Lucara Botswana against a systematic targeting by its unethical managing director, who has orchestrated a retrenchment exercise to purge employees who […]
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