Two weeks left for tax incentives
WINDHOEK, 17 JUL (NAMPA) – Taxpayers have not taken full advantage of the tax incentive programme and the deadline for settling outstanding amounts without interest and penalties will not be extended beyond 31 July 2017.
This leaves taxpayers with 14 days.
Ministry of Finance (MoF) Commissioner for Inland Revenue, Justice Mwafongwe told Nampa on Monday that taxpayers had enough time to take advantage of the opportunity to cut 80 per cent of interest and waive penalties on outstanding amounts.
MoF Control Taxation Officer, Tanya Bock echoed that and told Nampa there will be no extension to the due date as tax payers had enough time to settle their accounts.
Minister of Finance, Calle Schlettwein in January issued a media statement in which the introduction of an incentive programme was announced.
The programme forms part of the ministry’s tax collection and recovery efforts. Outstanding amounts must be settled before the end of July 2017 for taxpayers to benefit from the programme.
“There were days when our system was slow, which some of us may use as an apology, but this will not guarantee an extension,” Bock warned.
Economic analyst and lecturer at the University of Namibia (UNAM), Dr Hoze Riruako told Nampa the danger of defaulting is two-fold, as it will have a negative impact on the individuals and Namibia’s national economy.
“If we don’t pay our taxes we have to know that everything will be payable and those in the tender industry may not have some of the documents they may need such as certificates of good standing from the Social Security Commission (SSC) as these documents are institutionally inter-related,” Riruako warned.
Taxpayers owe Government about N.dollars 19 billion, of which N.dollars 4 billion is principal debt and N.dollars 15 billion interest and penalties incurred.