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June 09, 2023
Finance (465)
Save more with the new tax relief measures
January 25, 2023
The dawn of 2023 came with numerous amendments to tax legislation which was promulgated on 29 December 2022 and came into effect on 1 January 2023. For instance, the Income Tax Act amendments resulted in the tax-deductible amount for contributions towards both retirement and educational policies being increased from N$40 000 to N$150 000 per annum.
Making financial resolutions work in 2023
January 22, 2023
It is incredible how many people make resolutions about getting themselves into shape when a new year begins. Very few of us, think about the ‘financial hangover’ that we are dragging into a new year and how much getting personal finances back in shape could benefit our lives.
EIF holds GCF project funding consultations
January 20, 2023
The Environmental Investment Fund (EIF) of Namibia has commenced with the Green Climate Fund (GCF) programming consultation following its re-accreditation to the body for another five years last year.
Global forecasts indicate that the demand for minerals will grow exponentially with minerals such as graphite, lithium, copper, and cobalt, which could increase by 500% by 2050, to meet the growing demand for clean energy technologies and to maintain global warming by 2100 to below 2 °C.
Agribank, DBN sign two-year agri-finance collaboration agreement
December 20, 2022
The Agricultural Bank of Namibia (Agribank) and the Development Bank of Namibia (DBN) have signed a two-year memorandum of understanding (MoU) to cooperate and co-finance controlled environment agriculture activities in Namibia.
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Diversifying your portfolio is key to maximizing returns and mitigating investment risks
December 19, 2022
It’s no secret that 2022 was a difficult year for financial markets. The combined effects of the Russia-Ukraine war, China's hard Covid lockdowns coupled with the global supply chain constraints, drove global inflation to astronomical levels in 2022, especially in major economies, with the US reaching a 40-year high of 8.6% in May, peaking at 9.1% in June this year.
What to know about NamRA’s interim Good Standing issuance guidelines
December 14, 2022
The Namibia Revenue Agency (NamRA) has announced the planned implementation of revised Good Standing Certificates issuance guidelines effective on 1 June 2024. This is what to know about the transitional immediate measures applicable to taxpayers to get Certificates of Good Standing until June 2024:
- At the date of application of the first Certificate of Good Standing, a taxpayer is required to pay an amount equal to 10% of the outstanding capital balance.
- The payment plan shall be registered on the Integrated Tax Administration System and instalments shall be spread across a period of twelve consecutive months.
- When requesting an additional Certificate of Good Standing, a taxpayer needs to demonstrate that they have honoured the instalments either through consecutive monthly payments or by paying an amount larger than the agreed monthly instalment.
- A taxpayer who secures a procurement contract shall be required to settle all outstanding capital amounts promptly.
- Any taxpayer who fails to honour the payment arrangement, as duly recorded on ITAS, shall only be given a Certificate of Good Standing upon payment of an amount equal to 20% of the capital balance.
- The transitional arrangements shall be implemented with immediate effect and no discretion shall be allowed in the issuance of Certificate of Good Standing.