Botswana Proposes Raising Income Taxes Amid Slump in Diamond Revenue and Budget Deficit: Government
20:06 10.02.2026 (Updated: 20:24 10.02.2026)
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Botswana Proposes Raising Income Taxes Amid Slump in Diamond Revenue and Budget Deficit: Government
The country's finance ministry proposed increasing the corporate tax rate from 22% to 24.5% and the top personal income tax rate to 27.5%.
The move comes as the country forecasts a budget deficit of 8.9% of GDP in the 2026/27 fiscal year, more than double its fiscal guideline limit, Vice President and Minister of Finance Ndaba Gaolathe said.
"Taxation is not a form of punishment. It is a collective investment in our shared development," Gaolathe stated in his budget speech.
Diamond revenue, which once contributed a third of the budget, is now expected to account for just 16% in the coming fiscal year, according to the minister.
The video shows highlights from Gaolathe's budget speech at the Botswana Parliament
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