Page 465 – News Stand

01 Mar

Deloitte has mixed feelings over tax proposals

info_e12wt4csObserver Money

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…

01 Mar

Preservation funds in shaping financial legacies

info_e12wt4csObserver Money

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…

01 Mar

PSEMAS collects N$23 million in arrears

info_e12wt4csObserver Money

The Ministry of Finance and Public Enterprises, in collaboration with the PSEMAS Coordinating Committee, has initiated the comprehensive reform agenda for the Public Service Medical Aid Scheme (PSEMAS). The first phase of this reform has been completed, with the Cabinet endorsing the recommendations outlined in the PSEMAS Technical Review Report. Currently, the second phase, involving implementation, is underway. Additionally, the ministry has successfully concluded phase three of the re-registration project for members and dependents, and in phase four, has managed to collect approximately N$23 million in arrear contributions. The enhancement of the membership management system has been postponed to accommodate…

29 Feb

Namibia must shed ‘Tax Haven’ label

info_e12wt4csNational News

Niël Terblanché The Namibian Government has announced plans to phase out its Export Processing Zones (EPZ) in favour of establishing Special Economic Zones (SEZ) in a significant policy shift aimed at revitalizing its international economic reputation. This strategic move, revealed by Minister of Finance and Public Enterprises, Ipumbu Shiimi, during the National Budget announcement in Parliament, comes in the wake of the European Union (EU) blacklisting Namibia as a tax haven. According to Shiimi, the Special Economic Zones (SEZ) Bill, earmarked for introduction in the National Assembly in the 2024/25 financial year, is a proactive approach by the government to…

29 Feb

Questions surround minimal funds allocated for combat corruption

info_e12wt4csNational News

Martin Endjala Economist and Independent Bank Researcher, Josef Sheehama, has decried the amount of N$106 million allocated to the Anti-Corruption Commission (ACC) by the Ministry of Finance and Public Enterprise. During the tabling of the National Budget in the National Assembly on Wednesday, Finance Minister Iipumbu Shiimi announced a 29.8 percent increase in the annual allocation to the ACC. The minister said the increase in funds is aimed at improving the ACC’s implementation capacity, particularly in the areas of combating anti-money laundering and financial crimes. The minister said, that despite the recent greylisting of Namibia by the Financial Action Task…

29 Feb

NWR offers a 60 percent discount to locals

info_e12wt4csNational News

Martin Endjala As of 1 March 2024, all lodges under the management of the Namibia Wildlife Resorts (NWR) will offer a discount of 60 percent for local visitors to make it easier for them to experience the diverse landscapes and unique wildlife that Namibia has to offer. NWR Spokesperson, Nelson Ashipala, stressed the organisation's commitment to making domestic travel more accessible to Namibians. "Through our recent engagements with the public, we came to recognise the genuine concerns regarding the affordability of leisure travel," Ashipala stated. He said the special is open to all travellers, however, the hope is to see…

29 Feb

Capricorn Group reports a profit of N$827 million

info_e12wt4csNational News

Martin Endjala Capricorn Group has recorded solid results with profit after tax for the six months ended 31 December 2023, increasing by 18.5 percent to N$827.6 million, compared to a profit after tax of N$698.2m that was reported in the comparative period in the prior year. This represents an increase of 19.4 percent in earnings per share to 152.4 cents. The annualised return on equity at half year increased from 16.6 percent to 16.8 percent. This announcement was made by Capricorn Group Chief Executive Officer Thinus Prinsloo this week. Prinsloo said the Group's strong performance is attributable to loan book…

29 Feb

Disaster management and food security strengthened with new MoU

info_e12wt4csNational News

Martin Endjala To reinforce Namibia's disaster risk management and food and nutrition security the Office of the Prime Minister and the World Food Programme (WFP) signed a Memorandum of Understanding (MoU) to implement a durable strategy aimed at building increased resilience. In this regard, the Executive Director in the Office of the Prime Minister, I-Ben Nashandi, and Dr George Fedha from the WFP signed the agreement earlier this week. The agreement is aimed at unyielding collaboration aimed at enhancing early warning systems, digitalizing food assistance through an electronic voucher system, and implementing a durable strategy for building resilience against food…

29 Feb

Tax relief injects N$646m into taxpayers’ pockets

info_e12wt4csNational NewsTax relief injects N$646m into taxpayers’ pockets

Martin Endjala Minister of Finance and Public Enterprises, Iipumbu Shiimi has announced that government will inject N$646 million directly into taxpayers’ pockets. This means all individual taxpayers will be exempted from paying tax on the first N$100 000 per annum, of their first income as of 1 March 2024. This follows the tabling of the National Budget for the 2024/25 Financial Year in the National Assembly yesterday. The budget for the year under review stands at N$100.1 billion, which is a 12 percent increase from the previous year, under the theme Continuing the Legacy of late President Hage Geingob by…

29 Feb

Old-age grant boosted with N$200

info_e12wt4csNational News

Hertta-Maria Amutenja Minister of Finance and Public Enterprises, Iipumbu Shiimi has announced the increase in the Old Age Grant and Disability Grant. The monthly grant will rise from N$1 400 to N$1 600. “Accordingly, the Old Age Grant and the Disability Grant will be increased from N$1,400 to N$1,600 per month effective on 01 April 2024,” said Shiimi. The minister made the announcement during the unveiling of the 2024/25 Financial Year Budget in Parliament yesterday under the theme, “Continuing the legacy of H. E. Dr. Hage G. Geingob by Caring for the Namibian Child”. This comes after late President Hage…