Its now or never to get back in the Receiver’s good books

Taxpayers who are not in good standing at the Receiver of Revenue has been given a second chance to do so, thanks to an extended “amnesty”, announced earlier this week.
An amnesty period concluded on 31 July made provision for penalties on taxes in arrears to be written off entirely, but this new round is rather a tax in arrears recovery program whereby 70 % of penalties may be waivered. The tax payable will not be lowered and will be payable in full.
The Ministry of Finance announced in a media release the last tax arrears recovery incentive programme will commence on 11 September 2017 and conclude on 11 March 2018. Thereafter tax payers not in good standing may not come off very well from a brush with the Receiver.
The main objective of the programme is to offer a limited-time relief to taxpayers with outstanding tax balances, at lower interest rates. The ministry will waive penalties levied on tax and submission of tax returns, and write off 70% of the interest balance on all tax accounts for taxpayers who pay the capital tax amount in full and 30% of the interest balance, though there will be no write off of capital balances.
Taxpayers who would like to participate are asked to register during September and October 2017. Taxpayers who are able to do a once off payment are requested to do so during September and October 2017.
Those who are unable to make a once off payment are required to make arrangements and pay the first instalment and thereafter settle the outstanding amount in equal instalments until the debt is settled.
Those who fail to honour this arrangement may be disqualified. Taxpayer who choose to not participate will be held liable for the full payment of taxes and interests owed to the Receiver of Revenue.
Application forms for registration can be obtained from any office of Inland Revenue Department and can also be found online at http:/www.mof.gov.na/tax-arrear-recovery-incentive-programme. Participants can deposit their payments to:
Bank: Bank of Namibia
Account Name: General Revenue – Sub Account
Branch Code: 980-172
Account Number: 165011
Reference Number: (enter your tax registration number here)

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