Most Read Contributor in South Africa, September 2016
Taxpayers urged to rectify outstanding returns and payments
In a press statement dated 4 April, 2013, the Ministry of
Finance urged all taxpayers with outstanding returns and balances
on any of their tax accounts to submit their returns or settle the
Affected taxpayers are given 90 days from 1 April 2013 to comply
with the request before the following measures will be taken
against those in default:
Permanent closure of import VAT accounts;
Prevention of participation in public tenders;
Legal action, including sale of assets in execution to recover
Denial of penalty waiver requests; and/or
No processing of tax refund claims.
Proposed Skills Levy
The proposed imposition of a skills levy with effect from 1
September 2013, was announced in the Government Gazette of 11 April
All companies with an annual payroll in excess of N$350 000 will
be liable for the payment of a 1.5% VET (skill) levy, payable to
the Namibia Training Authority (NTA) by the 20th of each
Affected employers may make representations regarding any
concerns or objections to the Ministry of Education until 11 May
Tax Amendments approved
The National Assembly has recently approved the following
proposed corporate tax rate changes, effective for years of
assessment commencing on or after 1 January 2013:
Non-mining companies: 33%
Long-term insurance companies: 13.2%
Withholding taxes on royalties: 9.9%.
Once the Amendment Acts are published per the Government
Gazette, the Acts will be officially promulgated.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Effective collaboration amongst government agencies, automation of processes and capacity building by tax authorities have always been identified by stakeholders as strategies for achieving an efficient tax system.
In response to information provided by FIRS, NSE has sent letters to publicly listed companies, who were purportedly identified by FIRS as non-compliant.
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