Get into the tax net, says Standard Bank

Windhoek-In light of the government's recent announcement of a second tax arrears recovery initiative for outstanding tax, Standard Bank is once again urging its customers who have not yet sorted out their tax issues to do so during the six-month reprieve period.

Standard Bank's head of private banking, Britt du Plessis, says this is an ideal window of opportunity for all taxpayers with outstanding debt to get into the tax net in a meaningful way, ultimately helping government to cater for the infrastructural development of the nation.

This is indeed once again a welcome opportunity for taxpayers to get their tax records straightened out and have the majority of their debts written off. As taxpayers we are obliged to give the government our wholehearted support in its endeavours, as the paying of tax is vital for us to sustain much needed infrastructure like hospitals, roads and schools, says Du Plessis.

In a statement issued last Monday, the Ministry of Finance stated that the tax arrears recovery incentive programme commenced on September 11 and will run until March 11, 2018. The ministry said the initiative will apply to all taxes administered by Inland Revenue

The second and final announcement comes after the Finance Minister Calle Schlettwein last month said the government had collected only about N$242 million of the N$4 billion owed in outstanding taxes, five months after Treasury launched a tax arrears recovery programme.

With regard to the current tax amnesty, Standard Bank appreciates the window of opportunity that the government has granted to all taxpayers with outstanding debt to get into the tax net in a meaningful way. For the next six months the government has created a conducive timeframe which enables everyone to come clear of the tax burden, said Du Plessis.

She adds that this is the very reason why the bank opted also to assist private banking clients to complete their income tax returns efficiently on an online platform.

In addition, Standard Bank is offering support to private and business banking clients through granting them financial assistance in the form of a loan to cover outstanding debt.

The added cash flow assists them to pay off their debts in a manageable way over a certain period of time. This is our way of offering financial planning for our clients and assisting them in sorting out their tax situation.

Source: New Era Newspaper Namibia