Staff Reporter
THE Namibian Revenue Agency (NamRa) and the Business Intellectual Property Authority (BIPA) have signed a Memorandum of Understanding (MoU) to integrate their systems, aiming to combat tax evasion and money laundering.
“We envision a future where, if you register your business at BIPA, you might not need to visit NamRa’s premises as we will exchange your tax identification number on the system,” said Sam Shivute, NamRa Commissioner.
He emphasized that the integration would eradicate the existence of ghost companies. “Individuals registered at BIPA should also be registered at NamRa. It’s crucial to have that cross-reference for system integration,” Shivute explained.
He added that many Namibians have been exploited in the business sector, with their ID documents used to register businesses without their knowledge, leading to millions being transferred abroad.
Also speaking at the event, BIPA CEO Vivienne Katjioungua echoed Shivute’s sentiments, highlighting instances of tax evasion due to discrepancies between financial figures provided to BIPA and those submitted to NamRa.
“With the current global trends, we are moving towards automation for efficiency and clarity. It grants clients access to the system from anywhere. You can register your entity from home without visiting BIPA,” Katjioungua said.
However, she emphasized that BIPA operates within specific legal boundaries. “We won’t create an integration that infringes on any laws. For instance, the Financial Intelligence Act dictates providing information to business owners. Some may be listed as shareholders or directors, but the beneficiary might be someone else. We are permitted to provide this information,” the CEO explained.
She added that with enhanced access to information through the integrated system, clients can verify details, enabling BIPA to initiate investigations if discrepancies are found, eliminating the need to resort to legal action for information.
Additionally, Katjioungua said that the system would improve market regulation, citing examples where individuals are prohibited from running a cash loan business while engaging in unrelated sectors not aligned with the financial services provided by the cash loan entity.
Leave a Reply