United Kingdom’s Her Majesty’s Revenue and Customs (HMRC) has designated the Botswana Stock Exchange Limited(BSEL) as a “Recognised Stock Exchange” under Section 1005(1)(b) Income Tax Act 2007, according to a statement released on Monday from the BSE Limited,
A ‘Recognised Stock Exchange’ is defined as any market of a recognised investment exchange which is for the time being designated as a recognised stock exchange by an order made by the Commissioner for Her Majesty’s Revenue and Customs; and any market outside the United Kingdom which is for the time being so designated.
Commenting on this development, the Chief Executive Officer of BSEL, Thapelo Tsheole said, “This is a critical milestone for the exchange as we persistently pursue our internationalisation strategy and it comes as a result of undergoing a comprehensive application process that ensures that the BSEL meets the rigorous requirements outlined by HMRC for one to be designated as a Recognised Stock Exchange.”
Tsheole further said, “such recognition carries confidence signals to investors and appropriately positions the BSEL to continually attract investments from UK investors as the UK Income Tax Act makes provisions for securities which are listed or dealt in on a recognised stock exchange.”
According to Tsheole, the BSEL has been undertaking various significant initiatives to improve its global competitiveness and ultimately that of Botswana’s financial markets. “The calibre of issuers we have been able to attract and most importantly the demutualisation of the exchange are some of the critical considerations that directly contributed to the Exchange attaining this recognition.”
The portfolio include the triple A-rated International Finance Corporation (IFC), the Dollar denominated debt instrument issued in 2017, the world-class IT infrastructure we have in place, the market development initiatives we are pursuing to attract companies and investors, the diversity of products on the Exchange, the promotion of a conducive regulatory environment.
The BSEL is the third stock exchange in Africa and the eighteenth in the world to receive this designation.
OLOPENG HEAPS PRAISE ON BSE FINANCE CHALLENGE
Botswana Stock Exchange’s annual finance and investment competition for secondary school students has been applauded by the Minister of Tertiary Education, Research, Science and Technology, Thapelo Olopeng.
The initiative, a capital market awareness tool that has been running for the past seven years, is increasing financial literacy and a culture of investment among young people. The initiative will see the country raise future billionaires through the stock markets. “It is a breath of fresh air to have tertiary students who are financially literate, who can manage their finances,” said the minister.
He urged students to invest even the smallest allowances they earn and have a hassle-free life after university. “Investing on the stock exchange is not only preserved for the rich, but for anyone with a bank account,” said Olopeng.
The minister said the secondary schools finance and investment competition is participation of the private sector in bridging the knowledge divide.Olopeng said the private sector participation augments his ministry’s efforts of providing and building knowledge and innovation through the development and implementation of the policy on tertiary education, research, science and technology to transform the economy from a resource based to a knowledge based.
“In this connection, we will continue to empower our students in order for them to lead better and successful lives which can propel them into the innovation ecosystem,” said Olopeng. BSE Chief Executive Officer, Thapelo Tsheole said the Senior Secondary Schools Finance and Investment Competition, first established in 2013 aims to sensitise and educate the student community about capital markets, with the strategic aim to increase financial literacy and promote a culture of investing at a young age.
The competition is open to all senior secondary schools across the country, including private and public senior secondary schools.
WE ARE NOT USING DIAMONDS TO KILL ELEPHANTS, THAT’S HOGWASH! – BOTSWANA MINISTER
Botswana is not using diamonds to kill elephants as alleged by some conservationists after the southern African country announced plans to lift a ban on elephant hunting to address growing conflict between humans and wildlife, a government official has said.
Minister of mineral resources, Green technology and energy security Eric Molale told a mining conference in Gaborone on Monday that the activists were tarnishing the image of Botswana. “That’s hogwash because we as Botswana are [good] conservationists and it is us who worked hard to make sure these elephants [are] brought to the numbers that we do have now,” he said.
“When conflicts arise, it is through consultation, [that we] find out how we can best manage our resources. The people have spoken and we are going to be managing the elephants in the best way that we can.
“We are not culling, we have re-introduced the trophy hunting and if you take 400 elephants per annum for trophy hunting against the 3-5% annual growth rate of the elephant herd that we have…[we are] just barely scratching on the surface.”
Botswana has about 130 000 elephants, the world’s largest population.Molale said Botswana will remain focused on things that are beneficial to the country and will not be distracted by issues spread by people that are not even privy to how things are done in the country.
“We have, however, invited them to come and learn more about what we are doing so they can better understand those important aspects of flora and fauna…”The conflict between humans and elephants had gone up since the ban was introduced in 2014.
Tourism is the second source of foreign income in Botswana after diamonds and conservationists fear that the former will be affected is the government cull elephant.
[Rough and Polished]
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