Majoro wants innovative  ways to boost revenue

Majoro wants innovative ways to boost revenue

MASERU – FINANCE Minister Dr Moeketsi Majoro yesterday said it is critical for the Lesotho Revenue Authority (LRA) to come up with dynamic, innovative ideas to address challenges like unemployment.
Majoro was speaking at a tax expo organised by the LRA.

In his keynote address, Majoro said tax reforms are critical if the government is to raise funds for development projects.
He said the tax reforms must touch on issues such as the tax structure, tax mix, taxpayers’ confidentiality and a funding formula for the LRA.
“Previously taxpayers’ confidentiality was breached and (that) should not happen again,” Majoro said.
He said the LRA needed a sustainable funding model.

Development Planning Minister, Tlohelang Aumane, said political instability hampers the implementation of economic development plans.
When there is political instability, foreign aid flows shrink with investors reluctant to expand or increase their investment which results in a shrinking tax base.
He said economic reforms are a key for economic growth and development.

The LRA Commissioner General, Thabo Khasipe, said that tax expo was not only an event to discuss tax issues but a platform to grant taxpayers an opportunity to inform policy.
“Apart from tax collection, the authority is also responsible for advising the Minister of Finance for the formulation of fiscal policy,” Khasipe said.

Khasipe said in the midst of economic problems it is critical for stakeholders to come together and deliberate on issues that could inform budgeting and fiscal policy.
He said these engagements are also key for them as an entity as they are moving towards being service and client-oriented.
He said through the tireless efforts of all that the LRA was currently sitting just M10 million away from reaching its set target of M7.5 billion.

Lemohang Rakotsoane

 

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