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.