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.
Measures to mitigate the impact of COVID-19 on Tax Administration
On the 31st of March 2020, the Ministry of Finance issued a notification to taxpayers on the measures to mitigate the impact of COVID-19 on tax administration. These measures are put in place to narrow down the impact of COVID-19 on the tax administration process, creating a suitable compliance environment for all taxpayers.
Combatting COVID-19 from a tax perspective
COVID-19 was declared a pandemic by the World Health Organisation on the 11th of March 2020. Following this announcement, the rapidly increased spread of the COVID-19 virus has led to multiple countries imposing national or regional ‘lockdowns’ and applying other precautionary measures.
Namibia followed suit with the President of the Republic of Namibia announcing a lockdown for the Khomas and Erongo regions, starting on Friday the 27th March 2020 for a period of 3 weeks. With the outbreak of the COVID-19 virus and implementation of precautionary measures by the State, the Namibian economy is experiencing a ‘slow down’ in activity. This is attributable to business disruption including social distancing through remote working, supply limitations due to reduced productivity and raw materials, as well as, a lower demand from end consumers who are holding back on spending.
Also in this issue: