The Namibia Chamber of Commerce and Industry (NCCI) has commended the Minister of Finance and Public Enterprises, Iipumbu Shiimi for the consultative approach he took in the budget planning process highlighting that it is encouraging that the views and concerns raised, and the recommendations made by NCCI in consultative sessions are and have been accommodated.
Last week, NCCI President Bisey Uirab noted that one worthy of singling out is the NCCI’s advocacy efforts that has resulted in the tax relief programme.
“The Chamber started negotiating this in 2019, long before the onset of the Covid 19 pandemic. We also extend our gratitude to NamRA, for the remarkable work the entity is doing. The significant revenue collection recorded so far is a milestone achievement worthy of applause. These funds can and will address the Government’s developmental and social needs,” he said before going on to praise the tax reforms that were recently announced by Shiimi.
He expressed that measures announced, particularly tax relief for both individuals and corporates, are indeed a step in the right direction.
“By increasing the tax exemption threshold for individuals, we alleviate the burden on lower-income households amidst the challenges posed by escalating inflation. Furthermore, we are encouraged by the Ministry’s commitment to the reduction of corporate tax, as this is a significant move towards making Namibia a more attractive investment destination, fostering competitiveness and growth in our economy,” Uirab said.
The NCCI, Bisey Uirab said, is appreciative of NamRA’s ongoing partnership with the Chamber in ensuring tax compliance by businesses, big and small.
“With NamRA we have made strides in sensitizing businesses on tax compliance and the importance of meeting obligations through initiatives like the ITAS training programme. I am pleased to announce that in 2023 alone, we successfully trained 108 SMEs, and now we look forward to further collaboration this year. The Tax Amnesty Programme, which will run until 30 October this year, has provided much-needed relief to businesses by the waiving of interest and penalties. We applaud NamRA for this initiative, which has undoubtedly eased the financial burdens faced by many businesses,” he said adding that NCCI reiterates its call on the business community to take note that while they reach out to Government to be accommodative and to support the revival and growth of business.
“We too must also play our part in ensuring compliance with laws, rules and regulations. We must be ever mindful of our responsibility as businesses, to meet our tax obligations, and thereby contribute to the development and sustainability of our nation. So please, let us give to Ceaser what belongs to Ceaser. As for social development, whilst acknowledging the generous allocations to the Ministries responsible for education, health, and social needs, much remains to be done. The state of public health facilities, schools and other educational institutions should give us all discomfort. Namibia needs affordable, quality and accessible healthcare services. NCCI advocates for the utilization of local capacity in development projects to stimulate money circulation within our country’s economy,” further said Uirab.
He went on to urge businesses given the opportunity to be involved in such projects to be fair and reasonable in their pricing practices as a strategy to be competitive. Additionally, to adhere rigidly to ethical practices and professionalism when it comes to executing public sector tenders.
“It would be remiss of me to not welcome measures put in place by government to encourage the granting of work skills gaining and internship opportunities for young Namibians. Obviously, the tax incentive is most welcome, but business should look beyond the tax saving by viewing this programme as an investment in our nation’s young people. It opens a way to expose them to the real world of business and to help them put theory into practise.”
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