News

As announced in July this year, taxpayers will no longer be required to submit import value-added tax returns. ITAS has introduced a function which populates your import VAT return based on what is on the Asycuda (Automated Systems for Customs Data) system.
The system automatically submits and assesses your return on the 1st of the month following the import.

The Namibian Institute of Professional Accountants (NIPA) released important communication following a meeting between their Tax Committee and the Department of Inland Revenue (IRD) earlier this week. Based on an update sent to all members on 18 September, we herewith wish to confirm the following.

The Namibian Institute of Professional Accountants (NIPA) released important communication following a meeting between their Tax Committee and the Department of Inland Revenue (IRD) earlier this week. Based on an update sent to all members on 18 September, we herewith wish to confirm the following.

On the 18th of August 2020, the Monetary Policy Committee (MPC) of the Bank of Namibia held its bi-monthly meeting and decided to reduce the Repo rate by 25 basis points, from 4 percent to 3.75 percent, a new historic low. The decision was taken following a review of global, regional and domestic economic and financial developments. This translates to a cumulative 2.75 percentage points reduction in the Repo rate since the beginning of 2020.