Article:

Tax Arrears Incentive Programme

13 September 2017

Simon Steyn , Partner |

In a press release dated 04 September 2017, the Minister of Finance announced a further Incentive Program for payment of outstanding taxes. All Namibian taxes are included in the reprieve provided by the program.

The benefit regarding reduction of interest offered by the program differs from that of the first program which terminated on 31 July 2017. The first program provided for an 80% interest write-off.

Inland Revenue will write off 70% of accrued interest, of which 30% remains payable.

Penalties will be written off in totality.

The tax balance must be paid in order to qualify for the benefits offered by the program.

Taxpayers who wish to participate, must register for the program during September and October 2017 to benefit from the program.

If payment of the tax balance and interest cannot be made in a lump sum, payments in settlement thereof may be made until 11 March 2018, subsequent to registration in September or October.