Legislation - Minchin & Kelly (Botswana)

The highlights:

New tribal land and state allocations are not subject to transfer duty
Transfer duty on the sale of property to non-citizens has been reduced from 30% of the value or purchase price (whichever is the higher) to 10% for any purchase/value up to P2,000,000 and 15% for any purchase/value in excess of P2,000,000
The Commissioner General shall use council valuations or appoint a competent and disinterested person to determine the just and fair value of properties in tribal areas
With transactions involving immovable property on tribal land, the Commissioner General may at his/her discretion request a valuation certificate executed by a valuer registered in accordance with the Real Estate Professionals Act
The amount upon which citizens shall not be charged transfer duty has been increased from the first P1,000,000 to the first P1,500,000 of the total purchase price or value of the immovable property
With various transactions which have been exempted from transfer duty under the Act, valuation certificates shall not be required neither will the submission of declarations to the Commissioner General
Where value added tax is payable in a property transaction, transfer duty shall be waived
Immovable property acquired by a parent of a deceased child who dies intestate without a spouse or child shall be exempt from transfer duty

Minchin Kelly 05/05/2023 Legal Updates, Legislation, Property Law

The Income Tax (Superannuation Funds) Regulations No. 147 of 2022 (“the Regulations”) were signed by the Minister of Finance on October 25, 2022. The Regulations came into effect on 11 November 2022. One of the significant changes brought about by the Regulations is that the rules of a pension fund may now allow a retiree to withdraw up to 50% of his or her pension at retirement. Previously, a retiree was only allowed to withdraw up to 33.5%. Furthermore, an employee who is a member of pension funds where his or her employer contributes at least 51 percent of total contributions may now retire at any time after the age of 45, provided his or her employer approves same.