Connect with us

Hi, what are you looking for?

Business

Expat businesses bleed the economy- Moswaane

Member of Parliament for Francistown West, Ignatius Moswaane, has appealed to the Minister of Finance and Developing Planning, Thapelo Matsheka, to put measures in place to ensure that all foreign owned businesses comply with the country’s financial regulations.

Moswaane said the recent bad international financial ratings are due to lax regulations which have allowed some foreign traders to do as they please.

Moswaane told The Voice in an interview that most retail businesses owned by foreigners do not have speedpoint card swiping machines which denies the tax collector revenue.

“If you look at Francistown for instance, over 90 percent of foreign owned retail shops don’t have swiping machines. Nobody knows how much they spend on inventory and how much they make in sales,” charged Moswaane.
“This is also the case in Gaborone and all major towns,” he added.

The Francistown legislator said the country needs a new system that records inventory imported by foreign business owners, and a centralised system that will allow Botswana Unified Revenue Offices to know how much was made.

Advertisement. Scroll to continue reading.

“With the current system, these traders can spend P2 million to import stock and then claim that they only made P500,” Moswaane said.

“BURS and banks are losing out because we have enabled these traders to engage in money laundering by allowing them to operate businesses without any traceable invoicing systems,” he said.
“It looks very small, but I’m telling you these traders are bleeding our economy and we’ve to act now,” said Moswaane.

In a letter written to the Minister and his Permanent Secretary, the Francistown West MP proposes a centralised government point of sale system which connects BURS, investors and banks.
“All payments, salaries and wages for all businesses and individual employees should be electronic if we’re to save our economy,” he said.

Moswaane further proposed that a P3 300 minimum wage bill should be introduced with immediate effect and a compulsory pension contribution with cash back arrangement made between employer, employee and insurance company.

Quizzed on what was stopping the ruling party which he’s a member of from implementing some of the ideas, Moswaane said he’s not part of the executive and has no idea what they’re thinking.

“I’m part of the legislature and my duty as an MP is to question. Its my role and I can’t be muzzled,” he said.

Advertisement. Scroll to continue reading.

“Our country is bleeding from illicit money flow and if it goes unchecked our money will be used to fund drug and terrorism which are a threat to our National Security,” said Moswaane.

1 Comment

1 Comment

  1. Nasir Montshiwa

    July 2, 2020 at 3:12 pm

    GO NALE TYPO HAGODIMONYANA HALE

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement
Advertisement
Advertisement

You May Also Like

Entertainment

A romantic get away for olympic medalist Nijel Amos turned out to be a possible worst nightmare for one of the fastest man on...

News

A family in Hukuntsi watched helplessly as P18,000 worth of lobola cash was reduced to ashes after their house caught fire last Tuesday night....

News

Police in Tutume are investigating a case in which a 25-year-old man allegedly set ablaze his girlfriend’s hut. The incident happened last week Wednesday...

News

Festive ended with fireworks for a married couple in Gamodubu village last Sunday. Sadly it was not the type that light up the sky...

News

A 30-year-old woman reportedly died after being electrocuted by an electric cable which was lying on the ground from a fallen Botswana Power Corporation...

News

*Will it be Lesaso, Letsholo or Moabi

News

A Mosetse village man appeared before a Francistown Magistrate Court last week on a single count of threat to kill. According to the charge...

News

WOMAN’S HEARTBREAK FOR SON’S GIRLFRIEND KILLED IN CAR CRASH A devastated mother-in-law to be, Keabonye Ntsabane, has paid tribute to her son’s girlfriend who...

Business

We start the year by featuring Tumelo Pabalinga, the Executive Director of Emergency Assist 991 – previously known as Netcare 991. The Sebina native...

Politics

A peep into a ‘Dry’ Backbench During the festive holidays, another prominent member of the ruling Botswana Democratic Party (BDP), Mpho Balopi resigned from...

Entertainment

Local riders will once again miss the opportunity to compete in the popular Toyota 1000 Desert Race since the event will be held in...

Entertainment

The second annual Botsalano Cup, an initiative by area Councilor Ontiretse Zuma Baakile is on the cards. The event will be preceded by an...

Entertainment

Although her music career has hit Mt Kilimanjaro-like heights in recent years, 31-year-old Girlie ‘wa di body’ is in fact a veteran of the...

News

A report by Psychiatric Out-patient Disorder Consultations indicates that more men in Botswana are prone to mental illness than women. Of the close to...

Politics

As they look to fine-tune their efforts to oust the Botswana Democratic Party (BDP) from power after 57 years of uninterrupted rule, Alliance for...

Entertainment

I have made an arrangement with a barbershop in Molepolole; The guy owes me and he may not be able at the moment to...

Advertisement

Copyright © TheVoiceBW. (Since1993) made with ❤️ in Botswana.