The Ministry of Finance and Public Enterprises announced to the general public on Thursday the new amendments made to the Income Tax Act of 2022.

The ministry made the announcement in a media statement on Thursday, saying the amended Act of 2022 will now include taxation of incomes received upon disposal of any ownership of a petroleum license or a right to mine petroleum resources in Namibia.

The new law is effective as of January 1, 2023, according to the statement.