Income Tax Amendment Bill

Finance closes loopholes for multinationals<br>…Suspect movement of profits, interest exemptions out

Finance closes loopholes for multinationals
…Suspect movement of profits, interest exemptions out

Martin Endjala The Deputy Minister of Finance today tabled the Income Tax Amendment Bill that will close loopholes used by multinationals to move their profits out of Namibia to countries where they pay less or no tax at all. Maureen Hinda-Mbuende tabled the bill which is a warning to multinationals who erode their tax base and also shifting profits offshore, under dubious tax strategies. In terms of the thin capitalisation rules introduced through the changes to the act, tax administrators will be required to ignore any interest payment that is claimed by a taxpayer that exceeds the three to one…
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