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B A N K I N G A N D F I N A N C I A L
SERVICES
Banking and Financial Services
There are three commercial Banks in
Jwaneng which are Barclays Bank, First
National Bank of Botswana and Standard
Charted Bank. These are subsidies of South
African and British Banks and they carry out
all financial services including normal
commercial and retail activities, merchant
banking, leasing, car and property finance.
Non-banking Financial Services
Jwaneng insurance industry has grown
which sees companies and individuals enjoy
full range of every type of insurance. The
creation of international insurance act of
2005 has allowed attractive environment
for Botswana as a whole thus making
insurance services such as reinsurance,
captive insurance and related activities
being provided to non-citizens and in
currencies other than pula to mining
companies and contactors in Jwaneng.
Taxation and Fiscal Legislation
The Botswana Unified Revenue Service
(BURS) was created to take over the
functions performed by the Department of
Customs and Excise and the Department of
Taxes, and operates a regional office in
Jwaneng.
Generally a low taxation environment has
been placed in Botswana compared to
other countries. The tax system is complex,
as are other regulations, it has been noted
that it currently requires an average of
140hours for a business to comply with the
Botswana tax regulations according to
doing business 2010. There are still nineteen
(19) different payments required in paying
taxes, six (6) documents required for every
export, nine (9) for imports, and twenty
nine (29) procedures required for the
enforcing of contracts. The government
intends to adopt a simplified tax structure
in order to improve the compliance rate, to
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