GABORONEBotswana will cut corporate tax by up to 77% for investors in a mining town southeast of the capital, the trade and industry minister said on Tuesday, part of a package to attract them to a region hit by the collapse of BCL Mine.

BCL Mine was put under provisional liquidation in October last year resulting in close to 8 000 jobs being lost in the Selebi-Phikwe region of 50 000 people.

Minister of Investment, Trade and Industry Vincent Seretse said the measures include fiscal incentives, government off-take, provision of land and a one-stop service centre.

The fiscal incentives include 5% corporate tax for the first five years, 10% corporate tax thereafter and zero customs duty on imported raw materials.

Corporate tax in Botswana stands at 22% while companies in manufacturing and financial services and those registered in the Innovation Hub pay 15% corporate tax.

Source: Reuters

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