Tax First Newsletter - November 2018
In the November issue we discuss treatment of trading stock at year end for Income Tax purposes..
Tax First Newsletter
Providing you with informed commentary on current developments in the local tax and business arena.
Our monthly analysis and comments on new law and administrative changes assist business executives to identify developments and trends in law and Inland Revenue practice that might impact their business.
Tax First November issue
Treatment of trading stock at year end for Income Tax purposes
If you have stock on hand at year end, what kind of stock is it? Does it consist of items you purchased for sale or items you purchased to be used in the manufac-turing process? If yes, the cost of these items are automatically included in your taxable income as part of your cost of sales calculations and no tax adjustment is required.
If no, refer to the consumables and spares discussion below. Please note that the principles discussed here are NOT applicable to farming operations.
Also in this issue:
- Maintaining of proper rec-ords for VAT purposes
- PwC Business School Training Calendar
- New Legislation Tracker
- Tax Calendar - November 2018
Previous editions
Tax First Newsletter October 2018
Disallowance of expenditure for income Tax purposes when no trading takes place
Tax First Newsletter September 2018
To be a VAT registered entity in Namibia, you are required to earn taxable supplies in excess of N$500,000.00 in a 12 month period.
Tax First Newsletter August 2018
Dealing with deposits received for in-come tax purposes...read more in our August edition.
Tax First Newsletter July 2018
One of the most common mistakes a taxpayer can make, is to claim improvements as a deduction for income tax purposes....read more in our July Issue.
Tax First Newsletter June 2018
In June's issue of the Tax First Newsletter we talk about Customs Procedures for temporary importation of goods into Namibia..read more here
Tax First Newsletter May 2018
In May's issue of the Tax First Newsletter we talk about Income Tax Objections and what to do...
Tax First Newsletter April 2018
In April's issue we cover the Record keeping for VAT in Namibia. As a VAT registered person, there are requirements that must be adhered to with regards to record keeping and maintaining relevant documentation.
Contact us
Chantell Husselmann
Tax Leader, PwC Namibia
Tel: +264 61 284 1327
Email
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