Finance Minister has proposed amendments to the Income Tax, Value Added Tax and Export Levy Acts as central reforms to efficiently mobilise domestic resources

Finance Minister Calle Schlettwein has proposed amendments to the Income Tax, Value Added Tax (VAT) and Export Levy Acts as central reforms to efficiently mobilise domestic resources to finance sustainable development activities.

Schlettwein made the proposals yesterday in the National Assembly when he tabled the Mid-Year Budget Review for the 2019/20 financial year.

He said the consultation process was done and include the taxation of trusts and certain commercial entities; eliminating certain base eroding exemptions and VAT zero-rating of certain goods.

It also includes eliminating base eroding tax holidays and preferential tax rates accorded only to some manufacturers and exporters of manufactured goods for a more uniform treatment of taxpayers through the establishment of the Special Economic Zone.

In addition, Schlettwein said proposals are made for Namibia to join international fora for exchange of information for tax purposes and ratify the Organisation for Economic Co-operation and Development (OECD) Convention on Mutual Administrative Assistance as means of collaboration in international tax matters.

Source: Namibia Press Agency