1.   Short title

   2.   Interpretation



   3.   Appointment of officers

   4.   Delegation by Commissioner General

   5.   Secrecy

   6.   Forms of notices and returns

   7.   Service of notice or documents


Imposition of Income Tax


   8.   Charge to tax, general

   9.   Scope of charge to tax

   10.   Effective date of accrual

   11.   Amounts deemed to have accrued in Botswana



   12.   Persons chargeable, general

   13.   Minor children

   14.   Settlements and wills

   15.   Revocable trusts

   16.   Deceased persons

   17.   Estates of deceased persons

   18.   Legally disabled persons

   19.   Trusts

   20.   Insolvent persons

   21.   Partnerships

   22.   Collective investment undertaking

   23.   Non-resident persons

   24.   Responsibility of representative taxpayers


Ascertainment of Gross Income


   25.   Substituted accounting periods

   26.   Maintenance of proper record of transactions and methods of accounting



   27.   Gross income, general

   28.   Business, general

   29.   Business, farming

   30.   Farming

   31.   Mines and minerals

   32.   Employment income

   33.   Interest and certain royalties and fees

   34.   Rents, premiums and improvements to land or buildings

   35.   Other provisions relating to gross income

   36.   Transactions designed to avoid liability to tax


Ascertainment of Assessable Income

   37.   Assessable income, general

   38.   Exemption from tax


Ascertainment of Chargeable Income

   39.   Deductions allowable, general

   40.   Income from disposal of property of business

   41.   Deductions allowable, specific

   42.   Farming: average chargeable income

   43.   Deductions allowable: mines and minerals

   44.   Special deduction for approved training expenditure

   45.   Deductions not allowable under more than one provision

   46.   Deductions for assessed losses

   47.   [Repealed]

   48.   [Repealed]

   49.   Capital expenditure by an employee

   50.   Deductions not allowable

   50A.   Deduction in respect of payment of certain sums to non-residents


Ascertainment of Taxable Income

   51.   Taxable income, general


Special Provisions relating to Certain Taxpayers


   52.   Development approval orders and additional tax relief

   53.   International agreements for the avoidance of double taxation

   54.   Tax agreements



   55.   Taxation of special classes of companies and businesses



   56.   Deduction of tax by employers

   57.   Deduction of tax due under certain contracts

   58.   Deduction of tax from payments of dividends, interest and certain royalties and fees


Ascertainment of Tax Payable


   59.   Rates of tax, general

   60.   Set-off against additional company tax

   60A.   Taxation of corporations and shareholders



   61.   Credit for tax deducted at source

   62.   Credit for tax paid under section 114

   63.   Credit for tax paid outside Botswana

   64.   Calculation of tax credit

   64A.   Registration and allotment of Taxpayer Identification Number


Returns and Notices

   65.   Tax returns, general

   66.   Provisional tax return

   67.   Tax returns: cessation of income during a tax year

   68.   Tax returns: where no return is furnished

   69.   Further returns or information, production of books and giving of evidence to Commissioner General

   70.   Powers of entry, inspection and removal of documents

   71.   Submission of accounts with tax return and certificate relating to preparation of accounts

   72.   Annual returns by companies of interest and dividends paid

   73.   Annual return by private companies of shareholders

   74.   Companies: documents of incorporation, amendments thereof and prospectus

   75.   Returns deemed to be furnished by due authority and in full knowledge of contents

   76.   Returns: method of furnishing

   77.   Extension of time


Assessment of Tax

   78.   Commissioner General to make assessment

   79.   Additional assessments

   80.   Reduced assessments

   81.   Reduced assessments in respect of persons other than companies or partnerships

   82.   Determination of assessed loss

   83.   Provisional assessments

   84.   Time limits for assessments

   85.   Notice of assessment

   86.   Record of assessments

   87.   Finality of assessment


Objections and Appeals

   88.   Objection to assessment

   89.   Decision by Commissioner General

   90.   Board of Adjudicators

   91.   Appeal from decision of Commissioner General

   92.   Hearing by the Board of Adjudicators or High Court

   93.   Right of further appeal

   93A.   Production of additional evidence

   94.   Payment of tax not suspended by notice of objection or appeal


Payment, Recovery and Refund of Tax

   95.   When tax is payable

   96.   Extensions of time or payment by instalments

   97.   Interest on unpaid tax

   98.   When tax deducted by employer is payable

   99.   When tax deducted under section 57 is payable

   100.   When tax deducted under section 58 is payable

   101.   Interest on unpaid tax deductions

   102.   Recovery of tax, general

   103.   Procedure for recovery of tax by court action

   104.   Recovery of moneys from person leaving Botswana

   105.   When tax recoverable from assets of other spouse

   106.   Recovery of tax from representative taxpayers

   107.   Right of representative taxpayer to indemnity

   108.   Personal liability of representative taxpayer

   109.   Recovery of tax from person holding money for another person

   110.   Priority of tax debt upon insolvency or liquidation

   111.   Refund of tax overpaid

   112.   Remission of tax

   112A.   Tax Clearance Certificates

   113.-115.   ....




   116.   Penalties: general

   117.   Penalties: failure to furnish tax return

   118.   Penalties: failure to furnish correct tax return or estimate of taxable income

   119.   Penalties: failure to appoint a public officer, precedent partner, agent or address for service of notices

   119A.   Penalties: Failure to comply with provisions of section 64A

   119B.   Penalties: Failure to comply with provisions of section 69



   120.   Sanction for prosecution

   121.   Offences: breach of secrecy

   122.   Offences: failure to comply with requirements of this Act

   123.   Offences: intent to evade liability to tax

   124.   Offences by employers

   125.   Offences:by employees

   126.   Offences: deduction from payments due under certain contracts with non-residents

   127.   Offences under section 58

   128.   Aiding and abetting an offence

   129.   Mitigation of penalties and compounding of offences


Provisions Relating to Companies and Partnerships

   130.   Status of companies: public or private

   131.   Small companies

   132.   Meaning of close company

   133.   Payment of participators

   134.   Interest payable to participator

   135.   Public officer

   136.   Precedent partner


Taxation of International Financial Services Centre Companies

   137.   Definitions of terms

   138.   Tax certificate

   139.   Gross income

   140.   Specified foreign exchange

   141.   Foreign debt interest

   142.   Accounts



   143.   Free postage

   144.   Preservation of documents

   145.   Regulations


      First Schedule

      Second Schedule

      Third Schedule - Capital Allowances

      Fourth Schedule - Special Classes of Companies and Business

      Fifth Schedule - Deduction of Tax by Employers

      Sixth Schedule - Deduction of Tax from Payments Due under Certain Contracts

      Seventh Schedule : Deduction of Taxon Certain Payments

      Eighth Schedule : Rates of Taxfor 2011/2012 and Subsequent Tax Years

      Ninth Schedule - Board of Adjudicators

      Tenth Schedule

      Eleventh Schedule - Transitional Provisions

      Twelfth Schedule


Act 12, 1995,
Act 11, 1996,
S.I. 50, 1996,
Act 10, 1997,
Act 18, 1998,
Act 15, 1999,
Act 11, 2000,
Act 9, 2001,
S.I. 55, 2001,
Act 8, 2004,
Act 21, 2004,
Act 14, 2006,
Act 18, 2006,
Act 8, 2011,
Act 21, 2012,
Act 14, 2015,
S.I. 10, 2016,
Act 7, 2017,
S.I. 49, 2017.

An Act to consolidate and amend the law relating to the imposition, assessment and collection of tax on incomes.

[Date of Commencement: 1st July, 1995.]

Preliminary (ss 1-2)


1.   Short title

   This Act may be cited as the Income Tax Act.


2.   Interpretation

    In this Act, unless the context otherwise requires-

   "accounting period", in relation to any person, means the period for which that person makes up the accounts of his or her business;

   "agent" includes any partnership, company or other body of persons, corporate or unincorporate, which is acting as an agent;

   "approved benefit fund" means a fund which, in respect of any tax year, the Commissioner General is satisfied is a permanent fund bona fide established for the purpose of providing sickness, accident or unemployment benefits for its members, or mainly for such a purpose; and also for the purpose of providing benefits for the widows, children, dependants or nominees of deceased members;

   "approved financial operations" means those operations specified in a tax certificate granted by the Minister under section 138;

   "approved provident fund" means a permanent fund or scheme bona fide established for providing such benefits as may be prescribed by the Minister, other than those provided by an approved superannuation fund;

   "approved superannuation fund" means a permanent fund, or a scheme which provides for the establishment and administration of such scheme exclusively by an insurer, and in either case bona fide established for the purpose of providing such pensions, annuities or other benefits as may be prescribed by the Minister;

   "assessable income" means assessable income as defined in section 37;

   "assessed loss" means an assessed loss determined under section 82 or the loss assessed under section 78(3) in respect of the carrying on of a business, and shall not include a loss, incurred on the disposal of a property, which is ascertained in accordance with the Tenth Schedule;

   "assessment" in relation to any person means-

   (i)   a determination by the Commissioner General-

      (a)   of the amount of taxable income upon which tax is chargeable;

      (b)   of the amount of any loss allowable as a deduction in any subsequent tax year; or

      (c)   that no tax is chargeable,

      and includes an additional assessment, a reduced assessment, a provisional assessment or a penalty imposed under section 117(2),

   (ii)   an assessment under section 78(3), or

   (iii)   a determination by the Commissioner General in respect of any withholding tax;

   "associated company" in relation to a group of two or more resident companies means a resident company in which another resident company holds 20 per cent or more of every class of equity share:

   Provided that the definition shall not apply to an international financial services company holding shares in a company resident in Botswana;

   "associated person" means-

   (a)   in relation to any individual carrying on mining operations, any relative or partner of that individual; and

   (b)   in relation to any company carrying on mining operations, any other company, if either of those companies has control, directly or indirectly, of the other, or if both such companies are controlled, directly or indirectly, by the same person or persons;

   "bank" has the same meaning as in the Banking Act;

   "Board of Adjudicators" means the Board of Adjudicators established under section 90 and constituted in accordance with the provisions of the Ninth Schedule;

   "building society" means a building society registered under the Building Societies Act;

   "business" means any business, trade, adventure or concern in the nature of trade, profession or vocation and includes the letting of any property; and in a case where a person is carrying on more than one business, all amounts accrued to that person from all businesses except from farming, mining or any disposal of property under section 35 (1), shall be deemed to have accrued from one business;

   "chargeable income" means chargeable income as ascertained in accordance with Part VI;

   "child", in relation to an individual, includes a lawfully adopted child and a step-child;

   "collective investment undertaking" means an undertaking-

   (a)   the principle objective of which is the collective investment of its funds in real or personal property of whatever kind including securities and other liquid financial assets, with the aim of spreading investment risk and giving its members, shareholders or unit holders the benefit of the results of the management of its funds; and

   (b)   the units of which are at the request of the holders, redeemed directly or indirectly, out of those undertaking's assets;

   "commercial royalty" means any amount payable for the use of, or the right to use, any copyright of literary, artistic or scientific work (including cinematograph films, and films or tapes for radio or television broadcasting), any patent, trade mark, design or model, plan, secret formula or process, or for the use of,or the right to use, industrial, commercial or scientific equipment, or for information concerning industrial, commercial or scientific experience, or the right to commercially develop and exploit software;

   "Commissioner General" means the Commissioner General of Taxes appointed under section 3(1);

   "Commissioner of Internal Revenue" means the Commissioner of Internal Revenue appointed under section 3(1);

   "company" includes-

   (a)   any body corporate;

   (b)   any specified corporation;

   (c)   collective investment undertaking; and

   (d)   any association or society whether incorporated or registered or not, but does not include a partnership;

   (e)   any charitable, religious or educational institution or a trust established for public purposes;

   "connected persons" means-

   (a)   at least two companies where either of the companies has control directly or indirectly, of the other, or if both companies are controlled, directly or indirectly, by the same person or persons; and

   (b)   any person if that person has control of a company or if the person or persons connected to that person together have control of the company; and

   "control" means where a person exercises, is able to exercise or is entitled to acquire control whether directly or indirectly, over the company's affairs and in particular if the person possesses or is entitled to acquire-

   (i)   the greater part of the share capital of or voting rights in the company;

   (ii)   such part of the share capital that would entitle them to the greater part of the distribution of all the income of the company; or

   (iii)   such rights as would entitle the person to the greater part of the assets of the company upon winding up, or in any circumstances.

   "debt" means the greatest amount at any time during the year of assessment of any debt obligation owed by the company on which interest is payable and deductible;

   ''disposal'', for the purposes of section 35 and the Tenth Schedule, includes-

   (a)   the sale, lease, exchange or relinquishment of the asset or the extinguishment of any rights in the asset;

   (b)   the compulsory acquisition of the asset under any law;

   (c)   the conversion by the owner of a capital asset into stock-intrade of a business carried on by the owner; or

   (d)   any transaction which has the effect of transferring or enabling the use or enjoyment of any immovable property;

   ''dividend'' means any amount distributed, whether in cash or otherwise, by a company to its shareholders; and in this definition the expression ''amount distributed'' includes-

   (a)   in relation to a company which is not being wound up or liquidated, any profits distributed, whether of a capital nature or not, including an amount, other than an amount representing a return of capital, equal to the nominal value of any bonus shares, debentures or securities awarded to the shareholders:

          Provided that bonus shares shall not include shares issued by a company to a shareholder in satisfaction of bonus award and is included in its equity share capital;

   (b)   in the event of the partial reduction of the capital of a company, any cash or the value of any property which is given to a shareholder in excess of the amount by which the nominal value of the shares of that shareholder is reduced;

   (c)   in the event of the reconstruction of a company, any cash or the value of any property which is given to a shareholder in excess of the nominal value of the shares held by him or her before the reconstruction; and

   (d)   where a dividend consists of property other than cash, it shall be deemed to be of an amount equal to the market value of the property at the time of the distribution of the dividend:

         Provided that-

      (i)   there shall be excluded from such amount any distribution of profits by an investment company, a unit trust or collective investment undertaking, a variable rate loan stock company or similar company, where such distribution is made out of dividends accrued to such investment company, unit trust, other undertaking or company, if witholding tax had been deducted from such dividends, in accordance with the provisions of section 58(1)(a) and the Seventh Schedule, by the company which declared the dividends; and

      (ii)   where any such distribution of profits as is referred to in proviso (i) is made partly out of dividends accrued and partly out of interest, proviso (i) shall apply only to such proportion of the distribution as is made from dividends;

   (e)   any payment made to suppliers of livestock to the Botswana Meat Commission pursuant to section 18 of the Botswana Meat Commission Act;

   "employment" means any employment in which the relationship of master and servant subsists, or an appointment or office, whether public or not, and whether or not that relationship subsists; and the terms

   "employee" and "employer" shall, except for the purposes of the Fifth Schedule, be construed accordingly;

   "employment income", in relation to any person, means the gross amount, whether in cash or otherwise, accrued or deemed to have accrued to such person from employmentand includes any pensions, annuities or other benefits;

   "entertainment fee" means any amount payable to an entertainer (including any cabaret, motion picture, radio, television or theatre artiste and any musician) or a sportsman or sportswoman, for the personal activity of such entertainer, sportsman or sportswoman, and includes any payment made to any other person in relation to such activity;

   "equity" means paid up value of all shares and the amount standing to the credit of the share premium account of a company, the accumulated profits and the asset revaluation reserves of the company at the beginning of the year of assessment, reduced by the sum of any debt obligation owed by the company and accumulated losses at the beginning of the year of assessment;

   "equity share capital", in relation to the share capital of a company, means its issued share capital, excluding any part thereof which does not carry any right to participate beyond a specified amount in any distribution by way of dividend or capital made by the company; and the expression "equity share" shall be construed accordingly;

   "executor" means the executor, administrator or other person administering or managing the estate of a deceased person;

   "farming" means the carrying on of farming operations;

   "farming operations" means the keeping of livestock, the undertaking of agricultural activities and pastoral farming including the rearing of dairy cattle for milk and dairy products, stud farming, poultry farming, the rearing of sheep for wool or pelts, irrigated agriculture and horticulture;

   "group", in relation to one or more associated companies and the companies with which they are associated, shall not include a non-resident company;

   "gross income" means gross income as defined in section 9;

   "industrial building" means any building-

   (a)   which contains and is used solely or mainly for the purpose of operating machinery;

   (b)   which is on the same premises as any building to which paragraph (a) applies, and in respect of which the Commissioner General is satisfied that depreciation is caused by reason of the operation of machinery installed in that other building;

   (c)   in respect of which the Commissioner General is satisfied that depreciation is caused by reason of the use of chemicals, corrosive substances, furnaces of any kind or any substance or thing directly used in the particular business of which the building forms an integral and essential part;

   (d)   erected and used for carrying out industrial research, including scientific experiments, into new or improved methods of manufacture;

   (e)   in respect of which, by reason of the nature of the business carried on, the Commissioner General is satisfied that it is used for industrial purposes; or

   (f)   erected and used as an hotel, and includes any structure or work of a permanent nature directly related or attached to such a building;

   "international financial services centre" means a centre established under section 138;

   "international financial services centre company" means a company in possession of a valid certificate granted under section 138;

   ''investment company'' means a company or trust engaged in the business of investing the pooled capital of shareholders in financial instruments (including shares, debentures and units) of other companies, and the term ''similar company'' shall be construed accordingly;

   ''investment income'' means income accrued by way of interest and net aggregate gains as determined under the Tenth Schedule;

   "livestock" includes cattle, sheep, goats, horses, donkeys, mules, pigs and poultry;

   "management or consultancy fee" means any amount payable for administrative, managerial, technical or consultative services or any similar services, whether such services are of a professional nature or not, including the development or customisation of software;

   "member of the Botswana Development Corporation Limited group of companies", in relation to any tax year, means-

   (a)   the Botswana Development Corporation Limited;

   (b)   any company of which the whole of every class of equity share issued is , throughout the whole of that tax year, held by the Botswana Development Corporation Limited; or

   (c)   any company of which the whole of every class of equity share issued is, throughout the whole of that tax year, held by the company referred to under paragraph (b);

   "mineral" means any constituent of the crust of the earth whether lying on the surface of the earth or which can be obtained by mining, digging, drilling, quarrying or other operations, and includes precious metals, precious stones, semi-precious stones, oil shale, natural oil, natural gas, petroleum, bituminous shale and salt, but does not include-

   (a)   water; or

   (b)   soil, sand, clay, gravel or stone (other than limestone or marble) if these mineral substances are extracted for the purpose of agriculture, fencing, building, road making or other construction activities;

   "mining capital expenditure" means expenditure incurred by any person in carrying on mining operations-

   (a)   on the acquisition for the purposes of the carrying on of his or her mining operations, of a mineral, mining or prospecting right or mining or prospecting information from another person, and the expenditure incurred in such acquisition shall be deemed to be the amount for which such property was disposed of, or deemed to have been disposed of, for the purposes of section 31;

   (b)   on the preparation of a site for his or her mining operations, including expenditure on exploratory work done on the site to determine the best means for the carrying on of his or her mining operations;

   (c)   on buildings, structures, works of a permanent nature, other improvements, including plant, machinery or equipment, directly or primarily connected with the carrying on of the mining operations;

   (d)   on providing, or by way of contribution to the cost of providing water, light or power for use on, access to or communication with, the site of mining operations carried on or to be carried on by that person;

   (e)   on residential accommodation and welfare facilities for employees; and

   (f)   on general administration and management, including any interest payable on any loan for the time being utilized to finance such mining operations, incurred prior to the commencement of carrying on a business of mining or during any period when such business of mining is not being carried on;

   "Mining Commissioner" means the public officer holding or acting in that office in the public service;

   "mining operations" means mining operations carried on by any person on a mining property in Botswana for the extraction of minerals from their natural site, and their treatment, transportation or storage;

   "mining or prospecting information" means geological, geophysical or technical information, being information that relates to the presence, absence or extent of deposits of minerals in an area, or is likely to be of assistance in determining the presence, absence or extent of such deposits, and has been obtained from prospecting or mining for minerals;

   "mining or prospecting right" means a mineral concession as defined in the Mines and Minerals Act, or a development licence or exploration licence as defined in the Petroleum (Exploration and Production) Act;

   "partnership assessed loss" means an assessed loss calculated in the same manner as partnership chargeable income;

   "partnership chargeable income" means the gross income of the partnership calculated as if the partnership were a person chargeable to tax, less any amounts which would be exempt under Part V, and all deductions which would be allowable to such person under Part VI in respect of such gross income;

   "person" includes an individual, a trustee, the estate of a deceased person, a company, whether incorporated or unincorporated, a partnership and every other juridical person;

   "petroleum" has the meaning assigned to it in the Petroleum (Exploration and Production) Act;

   "Productive Employment Development Fund" means the Fund established under the Productive Employment Development Fund Order;

   "prospecting operations" means any of the following-

   (a)   geological mapping, geophysical surveys, systematic search for areas containing minerals, and search by drilling or other means for minerals within those areas; and

   (b)   search for ore within or in the vicinity of an ore body by drives, shafts, cross-cuts, winzes, rises and drilling, preliminary to the establishment of a mine, but does not include operations in the course of working a mine;

   "qualifying foreign participation" means a participation held by an international financial services centre company in a company which is not resident in Botswana, where the international financial services centre company controls either directly or indirectly, alone or with connected persons, 25 per cent or more of the share capital including 25 per cent or more of the voting rights of the non resident company;

   "regulation" means a regulation made under this Act;

   "relative", in relation to an individual, means-

   (a)   his or her spouse;

   (b)   any ancestor, lineal descendant, brother, sister, uncle, aunt, nephew, niece, stepfather, stepmother, stepchild or adopted child of the taxpayer or his or her spouse, and in the case of an adopted child his or her adopter; and

   (c)   the spouse of any relative mentioned in paragraph (b) of this definition;

   "representative taxpayer" means-

   (a)   in relation to a company, the public officer of that company;

   (b)   in relation to the estate of a deceased person, a person under a legal disability, a trust or a settlement, the trustee of that person;

   (c)   in relation to a non-resident, any person appointed under section 23 to act as agent on his or her behalf;

   (d)   in relation to tax due and payable by a deceased person at the date of his or her death, the executor of the estate of that deceased person; and

   (e)   in relation to tax due and payable at the commencement of liquidation or judicial management of a company which is being wound up or has been placed under judicial management, the liquidator or judicial manager of that company;

   "resident in Botswana", in relation to a tax year, means-

   (a)   in the case of an individual, that-

      (i)   his or her permanent place of abode is in Botswana;

      (ii)   he or she is physically present in Botswana for not less than 183 days in that tax year, whether or not he maintains a place of abode in Botswana;

      (iii)   he or she maintains a place of abode and is physically present in Botswana for not less than 183 days in that tax year; and for the purposes of this subparagraph he or she shall be deemed to be physically present in any part of that period notwithstanding that he or she is temporarily absent for business, recreation or similar purposes; or

      (iv)   he is physically present in Botswana for any period of time in that tax year and such period is continuous with a period of physical presence in the immediately preceding or immediately succeeding tax year, and provided he or she is treated as resident for such preceding or succeeding tax year under subparagraph (iii);

   (b)   in the case of a company, that-

      (i)   its registered office or place of incorporation is in Botswana; or

      (ii)   is managed and controlled from Botswana;

   (c)   in the case of a trust, that the trust-

      (i)   was established in Botswana; or

      (ii)   is administered in Botswana; and

         (aa)   the terms "resident" and "non-resident", in relation to a person, mean that such person is resident or not resident in Botswana, as the case may be, and when used as nouns mean a person who is resident or not resident in Botswana, as the case may be;

         (bb)   in computing any period of time under subparagraphs (ii) and (iii) of paragraph (a), a part of a day shall be counted as a day;

   "residential accommodation and welfare facilities for employees", in relation to mining capital expenditure of any person carrying on a business of mining, means-

   (a)   residential accommodation provided by that person at or adjacent to the site of the mining operations, being accommodation provided for the use of employees of that person engaged in mining operations on that site or operations connected with such mining operations and for the use of dependants of such employees; and

   (b)   health, educational, recreational or other similar facilities or facilities for the provision of meals provided by that person at or adjacent to the site of the mining operations being facilities which-

      (i)   are provided principally for the welfare of such employees or of dependants of such employees; and

      (ii)   are not conducted for the purpose of profit-making by that person or any other person, and includes structures and works of a permanent nature carried out directly in connection with such accommodation or facilities, including the provisions of water, light, power, access or communications;

   "retirement annuity insurance" ...

   ''securitization'' means the process of creating a financial instrument by combining other financial assets, which are then marketed to investors;

   "scientific research" means any activity in the field of natural or applied science for the extension of knowledge;

   ''special purpose vehicle'' means a legal entity whose operations are limited to the acquisition, financing and selling of specific assets;

   "specified collective investment undertaking" means a collective investment undertaking which-

   (a)   is managed by an international financial services company;

   (b)   except to the extent that the units are held by the undertaking itself, an international financial services centre, company, or another specified collective investment undertaking, is an undertaking, none of whose unit holders are resident in Botswana.

   "specified corporation" means-

   (a)   the Botswana Development Corporation Limited;

   (b)   the Botswana Housing Corporation;

   (c)   the Botswana Power Corporation;

   (d)   the Botswana Telecommunications Corporation;

   (e)   the National Development Bank;

   (f)   the Water Utilities Corporation; and

   (g)   any other corporation which the Minister may prescribe to be a specified corporation for the purposes of this Act;

   "stock" includes anything produced, manufactured, purchased or otherwise acquired for the purposes of manufacture, sale or exchange, or the proceeds from the disposal of which form, or will form, any part of gross income; and in the case of a business of farming shall include livestock and produce;

   "tax" means the tax charged under this Act and for the purpose of recovery of tax includes any penalty, interest, fee or other charge imposed under this Act; and any reference to tax payable under the laws of another country means a tax of substantially similar nature to the tax charged under the Act;

   "taxable income" means taxable income as ascertained in accordance with Part VII;

   "tax year" means a period of 12 months beginning on 1st July and ending on the next succeeding 30th June;

   "trustee" means a person appointed or constituted trustee by act of parties, by order or declaration of a court or by operation of law and includes-

   (a)   an executor, administrator, tutor or curator;

   (b)   a liquidator or judicial manager;

   (c)   any person having or taking upon himself or herself the administration or control of any property subject to a trust;

   (d)   any person acting in any fiduciary capacity; and

   (e)   any person having the possession, control or management of the property of a person under any legal or other disability;

   "unit" means any investment such as a subscription for shares or a contribution of capital in a collective investment undertaking which entitles the investor to a share in the profits or capital of the undertaking;

   "unit holder" means a person who by reason of the holding of a unit or under the terms of a unit, has a beneficial interest in the profits or capital of an undertaking;

   "units" means a right or interest in a unit trust;

   "variable rate loan stock company" means a company with limited liability in Botswana in terms of the Companies Act, the objects of which in terms of its Memorandum of Association are restricted to investment in immovable property and the development, refurbishment and maintenance thereof, and which, in terms of its Articles of Association, issues shares and debentures which together comprise linked units.

Administration (ss 3-7)

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