TAX NEWS - 2010

Namibia Tax News

The Bank of Namibia has set a new domestic check item limit of NAD 500,000 with effect from 10 June 2010; any check payment made in excess of NAD 500,000 will no longer be accepted by banking institutions, nor will it be processed by the Payment Clearing House after that date.

In addition, the Inland Revenue is currently unable to except electronic fund transfers. Thus, payments to Inland Revenue in excess of NAD 500,000 will have to be made by way of a direct bank transfer, i.e. the taxpayer will have to request that its bank transfer the funds to Inland Revenue's bank account.

A tax reference number (whether relating to income tax, VAT, Import VAT, PAYE, etc.) should be included on the bank transfer documentation to enable Inland Revenue to correctly allocate the amount.