Economist Embraces Tax Amnesty Announcement

Economist Embraces Tax Amnesty Announcement

During the presentation of the mid-term budget, Finance minister,Iipumbu Shiimi, announced the extension of the tax amnesty programme until October 31, 2026. It was originally set to expire today. Economist Gabriel Erastus provided his insights on the announcement.

October 31, 2024 27

Namibia

Absence Of Lawmakers Criticized as Midterm Budget Review Postponed Again

Disappointment was expressed by Parliamentarians over lawmakers' repeated failure to attend the midterm budget review, which has now been postponed for the second time. Finance Minister Iipumbu Shiimi stated that while budget allocations will remain the same, resources will be redirected to ministries facing urgent needs. Manuel Ngaringombe from the Popular Democratic Movement: From the Landless People's Movement, Lifalaza Robert-Prince Simataa:

October 30, 2024 26

Namibia

National Assembly postpones Mid-Year Budget Review

Finance Minister Iipumbu Shiimi could not deliver the 2024/25 Mid-Year Budget Review this afternoon as the National Assembly lacked the required quorum. The session was postponed to Tuesday, 29 October 2024. The mid-year review seeks to evaluate the country's economic progress and fiscal strategies, with a focus on debt management and economic recovery.

October 28, 2024 16

Business / Economics

2 August 2024 Morning Biz News: Namibia Lifts Vehicle Acquisition Ban, Tiger Brands Expands in South Africa, Currency Fluctuations Impact Global Markets

Government Lifts Ban on Vehicle Acquisitions Finance Minister Iipumbu Shiimi announced that the Namibian government has lifted the five-year ban on acquiring new vehicles for ministers and government employees. This moratorium, initially imposed by the late President Hage Geingob in 2020, follows a previous halt in 2015 by former Finance Minister Calle Schlettwein as part of austerity measures. The move marks a significant policy shift and could lead to increased […]

August 2, 2024 27

Namibia

Not Planning to Introduce Sugar Tax, Says Finance Minister Shiimi

The Finance and Public Enterprises Minister, Iipumbu Shiimi has confirmed that Namibia has no plans to implement a sugar tax, despite its potential to generate additional revenue says The Brief. Shiimi stated that an impact assessment is needed to understand the effects on various stakeholders before making any decision. While other SADC countries have adopted the sugar tax to increase revenue and combat health issues like diabetes and obesity, Namibia […]

July 18, 2024 13

Namibia

Finance Minister Urges Enhanced Intra-African Trade at World Customs Organisation Meeting

Finance and Public Enterprises Minister, Iipumbu Shiimi emphasized the crucial role of customs administrations in boosting trade among African nations at the 30th East and Southern Africa Governing Council meeting of the World Customs Organisation in Swakopmund. Shiimi highlighted the importance of data exchange, system interconnectivity, and harmonisation of legislation and policies to strengthen revenue collection and foster improved trade partnerships. He urged member states to align with the aspirations […]

May 24, 2024 18

Namibia

Tax Relief Fra Ahead: Namibia’s Minister Shiimi Promises Benefits for Taxpayers

Finance Minister, Iipumbu Shiimi has announced forthcoming tax relief measures, including raising the tax threshold to N$100,000, which will exempt individuals earning up to this amount from income tax. The amendment, part of the national budget for 2024/25, is currently undergoing legal review and is expected to be finalized by October. Shiimi highlighted the importance of providing relief to households amidst economic challenges like high interest rates and inflation, reassuring […]

May 21, 2024 170

Namibia

Tax Exemption Windfall: Namibians Set to Benefit in 90 Days

Namibians earning N$100,000 or less annually are poised to experience the benefits of the tax exemption recently announced by Finance and Public Enterprises Minister Iipumbu Shiimi within approximately 90 days. The tax breaks encompass the first N$100,000 of employees' earnings, rendering it tax-free. This development comes in the wake of Shiimi's budget speech in parliament, where he elevated the tax threshold from N$50,000 to N$100,000, signifying a positive shift in […]

March 6, 2024 32

Business / Economics

Budget 2024-2025 Review: Building Resilience for Growth and Diversification

By Josef Kefas Sheehama A number of controllable reforms must be implemented in addition to the macroeconomic framework. Prudent and credible monetary and fiscal policy, a sound financial system, and adherence to the law are the cornerstones of economic growth. To do this, bold measures must be taken to boost confidence, encourage investment and the creation of jobs, lessen economic inequality, and remove regulatory obstacles. First and foremost, I would […]

March 4, 2024 14