Maseru – In a landmark move aimed at enhancing regulatory compliance and fostering a fair business environment, the Revenue Services Lesotho (RSL) and the Agents of Foreign Firms Association (AFFAL) have signed a Memorandum of Understanding (MoU). This significant milestone, marked by a formal signing ceremony, was hailed by Mathabo Mokoko, Commissioner General at RSL, as a crucial step towards more transparent and efficient business climate in Lesotho on Wednesday morning.
Addressing an audience comprising government officials and business leaders, Mokoko underscored the collective effort that led to this partnership.
“It is with great pleasure and a deep sense of responsibility that I stand before you today as we formalize our partnership through the signing of this Memorandum of Understanding between RSL and the AFFAL,” she began.
The collaboration is the result of concerted efforts by various government departments, including the Ministry of Labour and Employment, Ministry of Trade, Industry and Business Development, Ministry of Local Government, Chieftainship, Home Affairs and Police, and the Directorate on Corruption and Economic Offences. Mokoko emphasized that this coordinated effort aims to create a cohesive framework enhancing regulatory compliance and promoting transparency.
“This moment marks a turning point in our collective journey towards fostering a more transparent, efficient, and compliant business environment in Lesotho,” Mokoko declared.
She portrayed that their collaboration is rooted in the shared vision of enhancing information sharing and system integration to ensure robust compliance and streamlined operations.
The MoU outlines an ambitious scope, designed to integrate the systems of RSL and AFFAL. This integration will facilitate seamless information exchange, significantly boosting the capacity to monitor and manage the economic activities of foreign entities operating within Lesotho.
“Through the connection of our respective systems and the use of other appropriate means, AFFAL will share pertinent information with RSL,” Mokoko explained.
This collaborative effort is designed to fortify their compliance mechanisms, ensuring that all foreign firms’ agents operating within Lesotho borders adhere to the highest standards of legal and regulatory requirements.
Highlighting the practical implications of this partnership, Mokoko announced the introduction of new declaration requirements. “I am pleased to announce that, as part of our ongoing efforts to enhance compliance and streamline operations under the Memorandum of Understanding between RSL and the AFFAL, we will be implementing new Declaration Requirements effective from September 1st, 2024.”
These requirements aim to improve the accuracy and efficiency of information sharing, thereby strengthening compliance.
Mokoko also commended the proactive approach and commitment of AFFAL. “I would like to take this opportunity to commend the leadership and members of AFFAL for their proactive approach and commitment to this cause. Your willingness to collaborate and share information underscores the importance of mutual trust and cooperation in achieving our common goals,” she said.
As the ceremony concluded, Mokoko urged all parties to remain dedicated to the principles underpinning the partnership.
“As we move forward, let us remember that the success of this partnership hinges on our continued dedication to transparency, integrity, and innovation. Together, we can build a framework that not only enhances compliance but also promotes a culture of accountability and excellence within our business community,” she asserted.
In her closing remarks, Mokoko expressed heartfelt gratitude to all who contributed to the partnership’s realization. She showed that their efforts are a testament to what they can achieve when they unite for a common purpose, looking forward to the positive impact the collaboration will bring to the economy of Lesotho.
The signing of the MoU between RSL and AFFAL is seen as a significant step towards safeguarding Lesotho’s economic interests while fostering a fair and competitive business environment. As both organizations move forward with this new framework, the business community and the wider economy stand to benefit from enhanced regulatory compliance and transparency.
