LTO is set to open on Monday

WINDHOEK: The long-awaited Large Taxpayer Office (LTO) which will manage large taxpayers in Namibia, is set to open on Monday.

This was announced by Finance Minister Saara Kuugongelwa-Amadhila in a media statement issued yesterday.

The LTO is a new central tax office based in the capital under the Ministry of Finance.

It will be responsible for carrying out all administrative and compliance functions pertaining to large taxpayers, while small and medium taxpayers will be managed through regional tax offices.

These functions include taxpayer services, returns and payments’ processing, compliance enforcement as well as audit and debt management, which will be rolled-out to other offices later.

Kuugongelwa-Amadhila said the LTO will be used to pilot modernisation efforts such as fully-fledged self-assessment, electronic filing and client relationship management.

The LTO will have a dedicated unit for mining taxation, and develop capacity in other specialised industries, including technical capacity in the fields of transfer-pricing and thin capitalisation.

SOURCE: NAMPA

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