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Public Notice to Taxpayers
Namibia’s Ministry of Finance released an official statement confirming the deadline to submit Individual Income Tax Returns was extended from 30 June 2020 to 30 September 2020.
Namibia’s Ministry of Finance released an official statement confirming the deadline to submit Individual Income Tax Returns was extended from 30 June 2020 to 30 September 2020.
Said notice follows a similar, earlier grant by the Department of Inland Revenue to extend the submission deadline of annual PAYE Reconciliations from 31 March 2020 to 30 May 2020.
Repo rate reduced to 4.25 percent
During a special meeting held on 15 April, the Monetary Policy Committee (MPC) of the Bank of Namibia decided to cut the Repo rate with another 100 basis points to 4.25%. Said decision comes just hours after the South African Reserve Bank also cut the country’s benchmark interest rate by 100 basis points to 4.25% per annum.
Launch of the Economic Stimulus and Relief Package
Namibia’s newly appointed Minister of Finance, Hon. Iipumbu Shiimi, issued the fist official media statement introducing the Economic Stimulus and Relief Package to mitigate the economic impact of COVID-19. As at 1 April 2020, the total Stimulus and Relief Package amounts to N$8.1 billion, comprising of N$5.9 billion in direct support to businesses, households and cash flow acceleration payments for services rendered to Government and N$2.3 billion off-balance sheet Government liabilities.
Ministry of Finance Media Release – COVID 19 Tax Measures
On 31 March, the Chief Public Relations Officer of the Ministry of Finance, Mr. Tonateni Shidhudhu, issued the Ministry’s first official correspondence related to the COVID-19 pandemic and its impact on tax administration. In line with the national measures to prevent and contain the spread of COVID-19, the Ministry will ensure the continuity of essential tax services during the lockdown period.
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