47 business sectors reserved for “indigenous” Basotho, foreign investors given a year to wind operations. Bereng Mpaki A CONTROVERSIAL law reserving certain businesses for “indigenous” Basotho will come into effect on 1 August 2022. In an interview this week, the Ministry of Trade and Industry’s public relations officer, Lihaelo Nkaota, said they will begin implementing
Lesotho losing millions through misinvoicing Trade ministry
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Silence Charumbira
MASERU The Lesotho government fears it could be losing millions in potential revenue annually through suspected elaborate misinvoicing schemes by second hand car dealers.
The Ministry of Trade and Industry, which controls the sector, says several vehicle dealers are evading tax by duplicating licences for multiple operations. It says the practice helps them avoid the need to open bank accounts with local banks. This makes it nearly impossible for tax authorities to track them down for taxes.
Profits are shipped into neighbouring South Africa through the two countries’ porous borders leaving Lesotho without any benefit, the Ministry says.
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