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CHAMWE KAIRA At the end of January 2024, total revenue collections stood at N$72 billion, translating into a collection rate of 90.6% over the first 10 months of the financial year, budget documents released showed this week. This is significantly higher than the corresponding historical averages. As a result, total revenue and grants for the 2023/24 financial has been revised upward by 3.2% from N$78.6 billion to N$81.1 billion. “When compared to the previous year, total revenues increased by 26%. The increase reflects strong economic growth prospects and improved revenue administration. As a result, Corporate Income Tax and VAT have…

CHAMWE KAIRA Production activities have commenced with first ore feed into the Langer Heinrich Mine processing plant on 20 January 2024 following successful commissioning of the beneficiation circuit, the its majority owner, Paladin Energy said. Operation of the mine had been suspended in 2018 due to low uranium prices. Paladin received export permits from the Ministry of Mines and Energy in Namibia for 2024. Paladin said it had no lost time injuries or reportable incidents during the six months ending 31 December 2023. Over two million hours have been worked on the Langer Heinrich Mine Restart Project without any serious…

Deloitte Touche Namibia said this week that Minister of Finance, Ipumbu Shiimi’s tax policy stance was a combination of sentiments not to introduce new tax policy proposals which may stifle economic recovery and increasing the competitiveness, fairness and equity of the Namibian tax system. “For the first time in many years, over ten tax proposals were announced,” the firm commented. The individual income tax threshold will increase from the current N$50 000 to N$100 000. Deloitte noted that the proposal was initially made in the 2023 main budget and indications are now that it will be effective from 1 March…

NDADHI NDOROMA In the world of financial planning, the preservation of wealth stands as a vital component in establishing a durable financial legacy. With their strategic position, preservation funds emerge as prosperity guardians, guaranteeing future generations' financial well-being. This article will explore the critical function preservation funds play in preserving and transferring wealth. Preservation funds are essential to financial planning. These funds are fundamentally about protecting assets from unwarranted depletion and volatility. Preservation funds, in contrast to conventional investment vehicles, place a higher priority on capital preservation and provide protection from market and economic volatility. The flexibility of preservation funds…