NAMIBIA TO CARRY OUT STUDY OF ITS NATURAL RESOURCES

WINDHOEK, The Cabinet has directed that an in-depth study be carried out on the natural resources in the country to establish whether Namibia is deriving maximum benefits from the resources, says Minister of Information, Communication and Technology (ICT) Tjekero Tweya.

He told a media briefing here Thursday that the the study was among the recommendations made by the Cabinet Committee on Trade and Economic Development which conducted a study in 2009 on the effective utilization of the country's natural resources.

He added that currently, the country was not benefiting enough from the resources, hence the comprehensive study "so that we don't say: 'Yes we have all these minerals, but yet we can hardly fight poverty'. We want to do it systemically through this type of study."

Tweya said the Cabinet directed that the study be conducted on natural resources, such as minerals (including diamonds), wildlife and forests. He noted that the National Planning Commission should source funding for the study, which will look at various ways how Government is benefiting, be it from licences or royalties.

Tweya said the Cabinet also directed the Ministry of Finance to review certain clauses the Income Tax Act, 1981 which provide for deductions and calculations of income derived from mining operations in order to ensure balance in the sharing of the benefits accrued from the natural resources between the government and the investor.

Source: NAM NEWS NETWORK