Business Reporter
THE Namibia Revenue Agency (NamRA) has announced that it has collected N$37.4 billion, which accounts for 55% of the set annual revenue target for the financial year 2023/24 (FY2023/24), as of 30th September 2023.
The mid-year revenue collection surpasses last year’s N$28.3 billion, registering an increase of over N$9 billion compared to the same period in the financial year 2022/23 (FY2022/3), which itself marked an improvement from N$26 billion as of the end of September 2021.
Steven Ndorokaze, NamRA spokesperson, explained that the significant contributors to the robust half-year revenue generation were receipts from the Southern African Customs Union (SACU), Individual Income Tax (Pay As You Earn), and Value Added Tax.
The Minister of Finance and Public Enterprises, Honourable Ipumbu Shiimi, set the annual revenue target for FY2023/24 at N$67.8 billion, up from the adjusted N$53.4 billion for FY2022/23, which rose from N$49.4 billion for FY2021/22.
Ndorokaze noted that during the first half of FY2023/24, NamRA refunded N$4.8 billion, showing improvement from N$4.2 billion during the corresponding period in FY2022/23, while it was N$2.8 billion at mid-FY2021/22.
However, he added that the total tax debt continues to rise, reaching N$75 billion in September 2023 from N$56 billion in September 2021.
“The ongoing Tax Amnesty aims to reduce the amount owed by taxpayers, of which close to N$60 billion constitutes interest and penalties that can be fully waived if the N$16.6 billion outstanding capital is paid by 31st October 2024. NamRA will continue its efforts to enhance revenue collection and improve service delivery at all our service points,” Ndorokaze concluded.
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