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19 March 2018 Namibia extends tax amnesty program to 3 April 2018 Namibia's Ministry of Finance has announced that the amnesty program to recover outstanding taxes will be extended to 3 April 2018. The tax amnesty program is aimed at collecting all arrear taxes which are administered by the Ministry of Finance and includes income tax, value added tax (VAT) including import VAT, employees' tax (PAYE), withholding taxes and stamp duties. The amnesty program is available to individuals, businesses, companies, close corporations and other entities with outstanding debts on their tax accounts. In terms of the amnesty program, the tax liability and 30% of the interest liability must be settled in full by the taxpayer by 3 April 2018. In addition to this, all outstanding tax returns must be submitted to Inland Revenue. If the aforementioned requirements are met, Inland Revenue will write off 70% of the interest liability and waive all penalties that have been imposed for late filing of returns and the late payment of tax. Taxpayers should accordingly determine whether any tax returns are outstanding according to Inland Revenue and resubmit such returns as well as returns that have not been submitted. Furthermore, taxpayers should determine the liability due to Inland Revenue and settle said amount to ensure they can take advantage of the relief that is available in terms of the amnesty program. Taxpayers who fail to apply to participate in the amnesty program forfeit the 70% interest write-off benefit. Furthermore, Inland Revenue will use all available powers afforded in terms of the law to recover the full tax liability, interest and penalties from taxpayers once the extended period comes to an end. Such powers include attachment of assets, appointment of agents and recovery of amounts from third parties.
Document ID: 2018-5425 |
