FHBC (Wellington) (Pty) Ltd now also offer tax services in Namibia through its sister company FHBC Consultants (Namibia) (Pty) Ltd. The Namibian Ministry of Finance have recently introduced an arrear tax recovery incentive programme effective from 1 February 2017 to 31 July 2017. FHBC can assist Namibian taxpayers to partake in this programme.
Tax Arrear Recovery Incentive
In fulfilling its mandate of collecting tax by encouraging voluntary tax compliance, the Ministry of Finance through the Inland Revenue Department has introduced a tax incentive programme aimed at assisting:
- Persons liable to pay tax but not yet registered to apply for registration; and
- Taxpayers with outstanding tax balances to settle their tax debt.
Target persons and rationale
- Taxpayers with outstanding balances on their tax accounts;
- Persons who are not yet registered as taxpayers.
The tax incentive programme will benefit all Namibian taxpayers with outstanding balances on any tax account registered with Inland Revenue Department.
Persons that are not yet registered as taxpayers are advised to apply for registration, pay the capital tax and penalties will be waived on condition that they do so during the incentive period.
Taxpayers are important stakeholders to the Ministry of Finance and are encouraged to be compliant with tax laws by paying tax and submitting tax returns on time.
This tax incentive programme will apply to all taxes administered by the Namibian Inland Revenue Department.
What taxpayers need to do to partake and benefit from the incentive programme
Complete a form to indicate the intention to partake in the incentive programme. The form can be completed before or after making the payment.
- Complete a form to indicate the intention to partake in the incentive programme. The form can be completed before or after making the payment;
- Update your tax account(s) to know the exact status;
- Pay your capital tax balance in full and
- Pay 20% of your interest balance.
How taxpayers will benefit
The Ministry of Finance will waive all the penalties on the account – once the capital tax and 20% of interest are paid before 31 July 2017.
The Ministry will write off 80% of the interest balance – once the capital tax balance and 20% of interest are paid before 31 July 2017.
For more information and assistance please contact Elzan Rust at email@example.com or 021 864 5180.