New tax law to see online, bank transfers to be monitored
The National Legislative Assembly (NLA) has passed a bill meant to ensure more effective tax collection, especially from e-commerce businesses. Under the bill proposed to the NLA meeting yesterday (Dec 4), financial institutions will be required to report transactions of customer accounts which receive either more than 3,000 deposits and money transfers a year or more than 200 deposits and money transfers with a total value of at least B2 million a year to the Revenue Department.
