Tax administrators in Africa have been challenged to embrace digitilisation to improve tax collection.
Logan Wort, Executive Secretary of the African Tax Administration Forum (ATAF) this week implored African countries to embrace the 4th industrial revolution and get better at collecting revenue.“We need to build technologies to meet demands of digitilisation,” said Wort at ATAF 5th General Assembly in Gaborone.
He said unless the continent moves fast to make new rules to support tax collection in the rapidly digitalizing globe, more leakages are to be suffered by African countries, already tormented by either tax avoidance and evasion.
Wort said digitilisation is revolutionising cross-border trade, while free trade zone initiatives are also threatening taxes usually collected by governments.Citing tourism industry, Wort said the continent’s safari may in the future not benefit local economies but host countries of companies that operate tourism outfits in Africa.
He said a company may operate a safari venture in Africa while based overseas, meaning all bookings and reservation will be done through the host country with little trickling down to the safari destination.
ATAF with 38 countries that have been members of the continent’s premier tax body over the past nine years envisage getting vibrant solution to challenges the continent face on tax. Tunde Fowler, ATAF Council chairman said it is critical for the continent to swiftly move and ensure its tax legislation and system are improved to meet the global standards.
“While the developed world was fine tuning the tax sector, we were busy selling our resources,” Tunde, added that if Africa does not improve her tax laws in the digital global, more revenue collection losses will be incurred.
6 Best Forex Trading Platforms for Botswana Traders
A trading platform is software which is designed to be used for trading purposes. Whether it is the opening, closing, and managing market positions through a broker, which facilitates trades and connects Batswana traders to global markets.
For Batswana traders to get the most and best out of their trading, it is imperative to ensure that traders choose and use a trading platform which will provide the best, most dynamic trading experience and environment.
This is a proprietary and innovative trading platform developed by AvaTrade, one of the most popular Forex brokers in the industry.
With this trading platform, Batswana traders are provided with complete control over their portfolio. Traders have access to more than 40 Forex pairs and a variety of strategies, spreads, risk reversals, and more.
2. MetaTrader 4
MetaTrader 4 is one of the most used and popular trading platforms in the industry and offers the trade of Forex amidst other financial instruments.
MetaTrader 4 is free to use on desktop, web, and mobile platforms, and offers traders with a variety of options such as three execution modes, a variety of orders, 30 built-in technical indicators, 24 graphical objects, and more.
3. MetaTrader 5
MetaTrader 5, an upgrade from MetaTrader 4, is an institutional, multi-asset and multi-functional trading platform.
MetaTrader 5 is free for desktop, web, and mobile use and features MQL5 language, comprehensive price analysis, algorithmic trading options, the ability to open 100 currency or stock charts simultaneously, 80 technical indicators, and more.
cTrader is a powerful desktop application which provides Batswana traders with a dynamic, and unique approach towards charting, manual and automatic/algorithmic trading.
cTrader has a user-friendly interface with a community featuring 1000s of indicators, trading robots, and documented educational material in addition to cloud data, 24/7 support, a hi-tech design, and Full STP trading, amidst numerous other functions.
Thinkorswim is an innovation of TD Ameritrade which was launched in 2009 and has gained a substantial amount of popularity in recent years.
The trading platform offers traders with access to multiple assets including Forex, options, futures, ETFs, and stocks.
It is a desktop-based platform which offers free research, screening tools, real-time data, and numerous features including access to more than 400 technical studies, 8 Fibonacci tools, the ability to analyse option volumes, strategy back testing capabilities, and more.
ZuluTrade is one of the most popular social trading platforms in the industry which is designed for use by all types of traders, from beginners to professionals.
It allows for customization, back testing of strategies, margin call metres, and more. It is one of the most trusted social trading platforms by both brokers and traders alike.
It is imperative that Batswana traders get the best from their trading, and to ensure that they are able to refine and improve their trading strategies, trading styles, and other aspects of trading.
It is therefore necessary that Batswana traders make use of the best broker suited for their needs in addition to a top-quality trading platform.
Gov’t swiftly acts on BMC
Government has moved swiftly to place Botswana Meat Commission under the care of a management firm; the move is meant to put the Commission into shape both operationally and financially.
This was disclosed by Finance and Economic Development Minister, Dr Thapelo Matsheka, further stating the BMC is technically insolvent despite having received nearly P1billion as a bailout in recent times. The new management company will run BMC, which is based in Lobatse starting on the 2020/2021 financial year.
The finance minister made it crystal clear that, the move to appoint a caretaker firm for BMC was made to protect the interests of all stakeholders, including farmers. According to Matsheka, the Minister of Agriculture Development and Food Security, Dr Edwin Dikoloti will provide more details on the BMC changes in due course during his committee of supply speech. Government is also proceeding with the conversion of BMC to a company under the Companies Act following the approval of BMC Transition Bill and subsequent repeal of the old Act.
The repealing of the BMC Act has since eliminated the monopoly of the Commission when it comes to beef and cattle export. The repeal has also enabled government to establish a beef regulator which will be responsible for regulating the beef and the cattle sector. “Another aspect of the transition is the ultimate privatization of BMC.
The objective of the privatization of BMC is, among others, to engage the private sector in the ownership and management of the BMC to achieve operational efficiency and profitability, as well as reduce Government’s future financial commitments in the entity. This would be an important process in the transformation of the beef and cattle sector,” noted Matsheka. BMC which is 100 percent owned by government has been operating with losses for many years due to internal and external challenges such as poor supply and Foot and Mouth Disease(FMD).