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Namibian Treasury threatens tax defaulters with asset seizures

Xinhua, February 1, 2017 Adjust font size:

Namibian Minister of Finance Calle Schlettwein Tuesday threatened tax defaulters with asset seizures and freezing of bank accounts, when he addressed ministry staff in the capital Windhoek.

Schletttwein said defaulters who do not take advantage of the recently announced incentive program for payment of outstanding taxes, will have their assets forfeited to the State and their bank accounts frozen.

Namibia, which is currently battling unprecedented economic challenges since Independence from South Africa in 1990, which has resulted in Government introducing austerity measures since October, is owed 19 billion Namibia dollars (about 1.4 billion U. S. Dollars) in tax arrears including interest and penalties.

Treasury announced last week that it would write off 80 percent of the interest and waive penalties, provided the tax amount owed is paid in full and 20 percent of the interest is paid under the incentive program, which begins Wednesday and ends on 31 July.

The program applies to Income Tax, Value Added Tax, VAT Import, Employee's Tax, Stamp Duty, Non-resident's Shareholders Tax and Tax on Royalties. Endit