Browsing: Lesotho tax collection

AfDB extends $4.25 million loan to modernize tax collection, boost revenue in Lesotho

Business

The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a loan of $4.25 million to the Lesotho Revenue Authority to provide digital tax services, including e-taxation and e-payment, that will broaden the country’s tax base and boost government revenue.

The funds, to be sourced from the African Development Fund, the Group’s concessional lending window, will go to support the Supplemental Financing of the Lesotho Tax Modernization Project. The project follows the Lesotho Tax Modernization Project (LTMP) approved in November 2017, and for which the African Development Bank Group provided $7.09 million, in financing.

Specifically, financing will be used to procure and install e-taxation, e-payment, and e-invoicing software and hardware and to integrate financial institutions and mobile money providers into e-payment systems.

“The project will allow broadening of the tax base through simplifying and streamlining the tax regime and procedures for the small business and …