Legislation to be reviewed to reflect globalisation - Lukas Muha


The Chairperson of the National Council, Lukas Sinimbo Muha, has stressed the need for legislation to be reviewed to reflect the shifting nature of the local and international financial markets.
He further said the country should move quickly to comply with and overcome the politics of the global monetary system.

Muha addressed the official opening of a legislative workshop for members of the Sixth National Council on financial and associated issues.

He says interdependency has advantages and disadvantages.

Governmental Objective Fishing Quota raises N$52.3 million from horse mackerel sale


A total of N$52.3 million was raised from the sale of 28,500 metric tons (MT) of horse mackerel under the Governmental Objective Fishing Quota.


The total was inclusive of N$11,000 raised from application fees for the total quota of 30,540 MT of horse mackerel bids held on March 31, 2023.


A media release issued by the Ministry of Finance on Thursday said the two ministries considered the horse mackerel auction a success, with a slight improvement in prices from the reserve price.


Taxpayers urged to take advantage of Tax Amnesty Program


Taxpayers have once again been urged to take advantage of the Tax Amnesty Program and file their taxes.

Through the Tax Amnesty program announced on the 1st of April, the Ministry of Finance agreed to waive 100% of the interest and penalties on taxes owed to the taxman.

Taxpayers and clients owe the state more than N$60 billion.

The Namibia Revenue Agency (NamRA) says that from that amount, the capital debt amount accounts for only N$15 billion, while the rest is from interest and penalties.

BoN, Finance Ministry re-launch SME Economic Recovery Loan Scheme


Bank of Namibia and the Ministry of Finance and Public Enterprises have re-launched the SME Economic Recovery Loan Scheme.  

This scheme was created with the aim of rescuing the SME sector, which was hit hard by economic headwinds, particularly the COVID-19 pandemic.
The COVID-19 pandemic, depressed profits, and financial losses due to COVID-19 and further coupled with the global economic recession and geopolitical tensions.

The buying power within communities has diminished, and this has resulted in a deteriorating state of affairs for many SMEs. 

Retirement funds and education policies affected by new amendments to Income Tax Act


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.

Government operationalises its Electronic-Government Procurement Portal


The Ministry of Finance says the government has operationalised its 'Electronic-Government Procurement Portal'. 

Launched last week, the platform aims to improve transparency and accountability in the government procurement process.

In a statement, the Finance Ministry's Public Relations Officer revealed that the Electronic- Government Procurement Portal is now accessible to the public and bidders.