Tuesday, February 7, 2023
  • About
  • Advertise
  • Privacy Policy
  • Cookie Policy
  • Contact
  • Subscribe
  • E-edition
  • Login
  • Register
  • Home
  • News
  • Economy
  • Columns
  • Companies & Markets
  • In Business With
  • Lifestyle
    • Motoring
  • Sports
    Limited Game Time Compels Seakanyeng to Quit UAE-Based Outfit 

    Limited Game Time Compels Seakanyeng to Quit UAE-Based Outfit 

    Debswana sponsors BFA’s National First Division League with P3.9m 

    Debswana sponsors BFA’s National First Division League with P3.9m 

    Ditlhokwe Tipped to Excel at Kaizer Chiefs

    Ditlhokwe Tipped to Excel at Kaizer Chiefs

    BCF Aims to Resuscitate Chess this Year

    BCF Aims to Resuscitate Chess this Year

    Tebogo’s Move to US on Hold

    “Don’t Panic,” Tebogo is advised as He Transits to Senior Level

    NSAs decry Absence of School Sports 

    NSAs decry Absence of School Sports 

    Trending Tags

    • Subscribe
    No Result
    View All Result
    • Home
    • News
    • Economy
    • Columns
    • Companies & Markets
    • In Business With
    • Lifestyle
      • Motoring
    • Sports
      Limited Game Time Compels Seakanyeng to Quit UAE-Based Outfit 

      Limited Game Time Compels Seakanyeng to Quit UAE-Based Outfit 

      Debswana sponsors BFA’s National First Division League with P3.9m 

      Debswana sponsors BFA’s National First Division League with P3.9m 

      Ditlhokwe Tipped to Excel at Kaizer Chiefs

      Ditlhokwe Tipped to Excel at Kaizer Chiefs

      BCF Aims to Resuscitate Chess this Year

      BCF Aims to Resuscitate Chess this Year

      Tebogo’s Move to US on Hold

      “Don’t Panic,” Tebogo is advised as He Transits to Senior Level

      NSAs decry Absence of School Sports 

      NSAs decry Absence of School Sports 

      Trending Tags

      • Subscribe
      No Result
      View All Result
      The Business Weekly & Review
      No Result
      View All Result
      Home News

      BURS appeals P80m tax fraud case

      • But Baaitse wants brand new Mercedes Benz from BURS

      mm by Staff Writer
      September 28, 2021
      in News
      Reading Time: 2 mins read
      0
      BURS appeals P80m tax fraud case
      Share on FacebookShare on Twitter

      The Botswana Unified Revenue Services (BURS) has filed for appeal in their case against Prevailing Securities in which it demands millions of pula in taxes that were allegedly never declared by the company over the past 10 years, The Business Weekly & Review has established.

      While details of the appeal still remain sketchy at this point, BURS Head of Compliance and Investigations, Kaone Molapo, has confirmed that the taxman has decided to appeal the case.

      “It is true we have filed for appeal. This was done last week,” he told this publication briefly.

      High Court judge Michael Leburu last month made an order setting aside BURS’ decision to impose over P50 million in taxes and penalties for the year 2014.  He further ordered that BURS should reassess the company’s tax liabilities within 60 days.

      “In my view, while bank statements may show the amount in the bank at any given point, they don’t indicate the company’s profitability, the various taxes collected or the deductions that a tax payer would be entitled to,” Justice Leburu said.

      According to the judgement, a bank (statement) is thus not necessarily a reflection of the profitability or financial performance of a company and cannot always objectively be used to determine the profitability of a company or its VAT liability, given the allowable deductions permitted under Income Tax and Value Added Tax laws.

      In an affidavit filed by Molapo in September 2020, BURS chief investigator made strong claims that the company did not declare all income deposited into its bank accounts by means of understating its taxable income between December 2012 and 2018.

      He deposed in his affidavit: “The money deposited into the company’s accounts for the stated period amounted to P72 420 714 39, in contrast to turnover declared by the company over the same period for VAT as P19 600 974 00 and turnover declared for income tax as P24 8222 056 00. This demonstrates the company’s incomings over the periods understated by the company in its tax returns for both VAT and income tax.”

      Prevailing Security is owned by Shadrack Baaitse, who is a pastor in the High Praise Christian Church and is known to have been close to former president Ian Khama and his enforcer former head of DISS Isaac Kgosi.

      The company’s business activities include provision of security guard services, installation of closed-circuit television and cash-in- transit services. Prevailing Securities was under intensive investigations by the Directorate of intelligence and Security Service (DISS), BURS, the Directorate on Corruption and Economic Crime (DCEC) and Botswana Police Service (BPS) soon after Khama stepped down as president in April 2018.

      Meanwhile, Baaitse is also said to be demanding that BURS pay damages to his Mercedes Benz that is said to be valued at over P1.2 million. He is also said to be in the process of slapping BURS with a legal suit to compel the taxman to buy him a brand new Mercedes Benz.

      Baaitse’s phone rang unanswered at the time of going to press.

       

      Tags: BURS

      Navigation

      • Home
      • News
      • Economy
      • Columns
      • Companies & Markets
      • In Business With
      • Lifestyle
        • Motoring
      • Sports
      • Subscribe

      Recent News

      • February 3rd Edition
      • Import Ban on Veges Could be Lifted
      • The Net Tightens Around Van Niekerk
      • Fiercely Schiaparelli: All that Glitters and Roars 
      • Bassett’s Queen is a Class Act 

      Site

      • About
      • Advertise
      • Privacy Policy
      • Cookie Policy
      • Contact
      • Subscribe
      • E-edition

      © 2021 The Business Weekly & Review. All Rights Reserved.

      No Result
      View All Result
      • Home
      • News
      • Economy
      • Columns
      • Companies & Markets
      • In Business With
      • Lifestyle
        • Motoring
      • Sports
      • Subscribe

      © 2021 The Business Weekly & Review. All Rights Reserved.

      Welcome Back!

      Login to your account below

      Forgotten Password? Sign Up

      Create New Account!

      Fill the forms below to register

      All fields are required. Log In

      Retrieve your password

      Please enter your username or email address to reset your password.

      Log In
      This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
      Are you sure want to unlock this post?
      Unlock left : 0
      Are you sure want to cancel subscription?