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Introduction | Information BOTSWANA Botswana, one of Africa's most stable countries, is the continent's longest continuous multi-party democracy. It is relatively free of corruption and has a good human rights record. It is also the world's largest producer of diamonds and the trade has transformed it into a middle-income nation. Botswana, independent since 1966, has an area of 600,000 square km and a population of 1.6 million. With a stable democracy, GDP per head of US$10,000, and reserves of more than US$6 billion, Botswana is rated the least corrupt country in Africa by Transparency International. The Income Tax Amendment Act 1999 created an International Financial Services Centre (IFSC), whose focus is on the provision of financial services to clients who are domiciled in other countries. Collective Investment Undertakings (CIUs) can be organised in the form of trusts or investment companies, including variable capital companies and unit trusts Fiscal incentives are provided to financial and non-financial institutions Open and close ended funds are permitted Lowish tax rates applied on a territorial basis Generous deductions from income before taxation and exemption from withholding taxes on dividends by IFSC Capital gains tax free in IFSC IFSC Companies could escape anti-avoidance and Controlled Foreign Company legislation in many OECD countries