SACU receipts account for major source of revenue – NamRA
The Namibia Revenue Agency (NamRA) on Thursday said contributions from the Southern African Customs Union (SACU) were the major contributor to meeting 55.2% of its set revenue collection target for the year financial year 2023/ 2024.
A statement released by NamRA’s chief of strategic communication and support engagement, Stephen Ndorokaze said the revenue collection agency collected N$37.4 billion by 30 September.
“The mid-year revenue collection is over N$9 billion better than the N$28.3, generated at the same time last year, which in turn was an improvement from 26 billion Namibia dollars at the end of September 2021,” Ndorokaze said.
Ndorokaze said individual income tax (Pay As You Earn) and value-added tax also played a major role in their revenue collection success.
“The Minister of Finance and Public Enterprises, Iipumbu Shiimi set the annual revenue target for the financial year 2023/4 at N$67.8 billion, up from the adjusted N$53.4 billion for the year 2022/3,” Ndorokaze said.
He said the country’s total tax debt continues to rise from N$56 billion in September 2021 to N$75 billion last month.
“The ongoing Tax Amnesty is aimed at reducing the amount owed by taxpayers, of which close to N$60 billion is interest and penalties which can be fully waived if the N$16.6 billion outstanding capital is paid by 31 October 2024,” Ndorokaze concluded.
