The Government of Lesotho has published the Budget Speech for the 2021/22 Fiscal Year, which was delivered in parliament by the Minister of Finance on 17 February 2021. The tax-related proposals in the Budget are relatively limited and include: Increasing the VAT rate on electricity from 9% to 10%; Curbing perpetual VAT refunds for mining companies due to zero-rating of mining exports; Introducing royalties (export sales tax) on diamonds at a rate of 15% of the mine rate, which will be treated as a deductible expense; and Introducing alcohol and tobacco levies at rates of 15% and 30%, respectively. Further...