The Namibia Revenue Agency (NamRA) and Bank of Namibia (BoN) will introduce a Trade Verification System (TVS) to mitigate the illegal outflow of funds from Namibia.
This was announced in a media statement by NamRA’s Chief Strategic Communications and Support Engagements, Yarukeekuro Steven Ndorokaze, on Monday.
The TVS, to be introduced in October this year, is aimed at reducing illicit financial outflows and will be used as a monitoring capability to reconcile the cross-border transfer of money and the movement of goods into the country. It will also serve as an Electronic Export Monitoring tool to aid in the repatriation of export proceeds and for the detection of misclassification of export proceeds, said Ndorokaze.
He said: “The implementation of the TVS amongst others will facilitate the ease of identifying potential perpetrators of illicit outflows by the regulators, to provide intelligence for further investigations and possible conviction as per various laws.”
The TVS is also expected to improve the collection of taxes and levies related to import transactions, thereby reducing tax evasion. To reduce import duties and taxes as well as refund claim fraud the system will have data against which refund claims may be verified.
“As we continue to enhance our processes and system, we emphasise that lack of integrity among some traders negatively impacts society as a whole,” noted Ndorokaze.
Source: The Namibian Press Agency
