Windhoek Observer

The Namibia Revenue Agency (NamRA) on Tuesday hosted a virtual Awareness Session on the enforcement of Sections 110 and 124 of the Customs and Excise Act, 1998 (Act No. 20 of 1998).  The session, attended by more than 130 clearing agents and traders, addressed revenue leakages, looking at ways to ensure that all duties owed to the State are duly paid. Section 124 of the Act stipulates that any customs duty payable, interest, fines, penalties or forfeitures incurred constitute a debt to the State.  It further provides that any goods imported, exported or in a customs and excise warehouse belonging…

Allexer Namundjembo  The Mine Workers Union (MUN) has reached an agreement with the majority shareholders of the Kombat Mine, Trigon Metals concerning the retrenchment of 533 employees.  The general secretary of the MUN, George Ampweya, confirmed that the matter that has been brewing since last year has been resolved. “The agreement outlines key terms, with an emphasis on supporting employees through equitable compensation. Every retrenched employee will receive one month of notice pay, along with severance pay equivalent to one week's salary for each year of service. Employees will further be paid for any confirmed accrued leave days up to…

Allexer Namundjembo The Bank of Namibia (BoN) is exploring the potential of central bank digital currencies (CBDCs) to improve financial inclusion and streamline cross-border payments. Kazembire Zemburuka, director of strategic communications and international relations, said the central bank is in the ‘preparation phase’ of evaluating a domestic CBDC. According to him, the BoN is examining the desirability of CBDCs for the retail and wholesale sectors, as well as their potential for cross-border payments. “The bank’s exploration is guided by the IMF's 5P Methodology and involves extensive research and staff training,” Zemburuka said. He added that a recent feasibility study, conducted…