The Business and Intellectual Property Authority (BIPA) has offered to waive N$275 million in penalties and accrued interest in a move meant to offer relief to businesses in the country.
BIPA initiated its annual duty penalty waiver program to run for six months, from 15 November to 31 March 2024, and the interest is for a period from 2012 to 2022.
To have their penalties waived, businesses must pay their capital amounts for each year of non-payment, with specific amounts depending on the year and business type, including additional fees for submission.
“We are confident that this waiver program will have a profoundly positive impact on the Namibian business sector. It presents businesses with a unique opportunity to reset and ensure future compliance,” BIPA Chief Executive Officer Vivienne Katjiuongua said.
“This initiative aims to alleviate the financial burden on business entities by waiving penalties and additional fees accrued due to non-payment of annual duties. To be eligible, businesses are required to fulfill specific conditions, including applying for the program and settling their outstanding capital amounts for each year of non-compliance.
“Through the penalty waiver program, BIPA’s primary objective is to ensure that businesses are able to restore their dream of building competitive Namibian businesses and, in doing so, inspire a culture of innovation, economic resilience, and compliance,” Katjiuongua added.
Katjiuongua said registered business entities are obliged to submit an annual return and pay associated duties to the Registrar of Business and Intellectual Property.
“BIPA recognized that some business owners may not have been aware of these post-registration obligations, and as such, these businesses continued to incur penalties for non-compliance, hence the introduction of this waiver program,” she said.
The waiver program was approved by the BIPA Board of Directors and has been endorsed by Cabinet.
Its primary objective of providing relief to business entities aligns with the government’s commitment to stimulate the local economy.
“Additionally, they will receive a BIPA Good standing certificate upon application and payment processing. This certificate will enable businesses to submit their good standing status along with other mandatory documents when participating in public procurement bids,” said Katjiuongua.