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  • Provisional tax payments
Article:

Provisional tax payments

20 April 2016

Magda Nel , International Liaison Partner |

EFT Payments With effect from 1 December 2015, Inland Revenue only accept bank guaranteed cheques for the payment of any tax liability, limited to N$100,000. Additionally, cheques will be completely phased-out by December 2017 as instructed by Bank of Namibia. Therefore, we herewith kindly request that all provisional taxpayers use online bank facilities to make their provisional tax payments, by Friday, 26 February 2016. Kindly please forward us proofof payment for our records and for submission with your provisional tax return. The above Electronic Fund Transfer (EFT) payments should be referenced using the 19 digit code so that payments can be allocated to the correct tax payable and the correct tax period. The reference code consists of 4 parts as follows:

  1. The first three reference digits consist of the type of tax paid (in this case provisional tax payment code “ITP” or income tax payment “ITA”).
  2. The next ten reference digits consist of the relevant tax number for the particular tax being paid (in this case the income tax number).
  3. The applicable tax year of assessment Inland Revenue should allocate the payment to (in this case “2016”).
  4. The tax period Inland Revenue should allocate the payment to (in this case either 01 for companies with an August year-end, 02 for companies/individuals with a February year-end or 03 for companies with a July year-end).

 Note: For account payments (including arrear taxes, penalties and interest) the last six digits can be numbers “9” or “0”. Inland Revenue’s bank details are as follows: Bank Bank of Namibia Branch number 980 172 Account name General Revenue Account Account number 165 001 SWIFT code CBKNNANX The late payment of provisional taxes due to Inland Revenue will attract 10% penalties per month or part month from time payment is due and 20% interest per annum. Late submissions of provisional tax returns will be penalised at N$100 per day. If you have not been in contact with us to finalise your provisional tax calculation for February yet, kindly email your engagement partner or [email protected] as soon as possible.