Namibia’s Ministry of Finance is offering an incentive program for writing off a portion of the interest charged on outstanding tax, as well as penalties.

tax
tax
The Ministry on Tuesday said, this will only come into play in the event that all taxes (the full outstanding tax amount) are paid and 20 percent of the interest levied is paid, between the period Feb. 1 and July 31.

“Taxpayers, with delinquent accounts and individuals and companies, that qualify to register for any tax type but did not do so are offered this once off opportunity to become complaint with tax laws, ” Finance Minister, Calle Schettwein said.

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In the statement the finance minister said, that individuals, business, companies, close corporations and other entities with outstanding debt on their tax account may apply to participate in the Incentive Program.

Meanwhile, the ministry said that taxpayers who fail to apply to the Ministry of Finance to have a portion of the interest written off during the period allocated will forfeit this benefit when the incentive program lapses.

“The ministry will then enforce its collection mandate against taxpayers with outstanding balances on their tax accounts,” he concluded. Enditem

Source: Xinhua/NewsGhana.com.gh

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