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The Republic of Botswana is a landlocked country in Southern Africa. Citizens of Botswana are called "Batswana", regardless of ethnicity. Formerly the British protectorate of Bechuanaland, Botswana adopted its new name after becoming independent within the Commonwealth on 30 September 1966. It has held free and fair democratic elections since independence. Geographically the country is flat and up to 70% of Botswana is covered by the Kalahari Desert. It is bordered by South Africa to the south and southeast, Namibia to the west and north, and Zimbabwe to the northeast. It meets Zambia at a single point. Botswana is a regional leader in economic freedom. Competitiveness and flexibility are promoted by a sensible business regulatory environment, openness to foreign investment and trade, and relatively flexible employment regulations. The financial sector remains relatively well developed, with an independent central bank and little government intervention. The independent judiciary provides strong protection of property rights. Botswana was one of the most impoverished countries in Africa when it became independent in 1966. Today, it is home to a relatively stable political system and a rapidly developing market economy. Being closely tied with the economy of South Africa, the country's economy is one of the most successful in Africa and is dominated by the fast-growing service sector, world-renowned diamond industry, tourism, and manufacturing. Botswana's economic growth rate has outpaced the economic growth of even the Asian Tigers, and the World Bank cites Botswana as one of the world's great development success stories. Total government expenditures, including consumption and transfer payments, are moderate. In the most recent year, government spending equaled 33.1 percent of GDP. Parliament began a review of the draft National Development Plan in 2009. Botswana’s tax rates remain among the lowest in Southern Africa. Both the top income tax rate and the top corporate tax rate are 25 percent. Other taxes include a value-added tax (VAT), a property tax, and an inheritance tax. In the most recent year, overall tax revenue as a percentage of GDP was 36.6 percent.
