• January 24th, 2019
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Cabinet writes off tax interest

National, Front Page News
National, Front Page News

Windhoek Cabinet has authorised Treasury to waive or write off penalties and interest running into billions of dollars accrued from outstanding individual taxes. This means interest on penalties issued to those who have failed to pay their taxes will no longer be binding – however those who were punished should approach the Receiver of Revenue to adjust their tax. This was announced yesterday by the information minister, Tjekero Tweya, during the last media briefing on Cabinet resolutions for 2016. “Cabinet further authorised the minister of finance to invoke section[s]… of the State Finance Act to allow the Treasury to exercise its mandate of writing off tax debts,” Tweya announced. “Cabinet approved the tax debts of individual taxpayers and provisional taxpayers, who will participate in the programme, to be waived or written off… upon application by the affected person for such a waiver,” he said. Speaking yesterday morning on the 2016 Moody’s Investor Services Credit Ratings Report on Namibia, finance minister Calle Schlettwein also reiterated the Cabinet decision. “Government has assessed measures to encourage those who are in arrears to settle their arrear obligations with less penalty and interest escalation,” said Schlettwein. “In this regard, taxpayers settling their principal tax arrears up to 20 percent of interest accumulation, will benefit from a waiver of the penalty obligations,” he said. He added: “With this respite from the Receiver, I wish to call on taxpayers affected, to take immediate steps to approach the Receiver for the repayment plans.” According to him, the Receiver of Revenue will make an announcement regarding the details and the commencement date of this incentive and debt recovery programme. Schlettwein however stressed that non-compliance with tax laws are equally illegal and shall have consequences.
New Era Reporter
2016-12-09 09:18:33 2 years ago

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