Tax returns, tax incentive programme
Tax returns, tax incentive programme

Tax returns, tax incentive programme

The ministry of finance recently issued a media release regarding the extension of filing individual income tax returns and the current tax incentive programme.
Jo-Mare Duddy Booysen
Due to the effect of Covid-19 in Namibia and requests received from the public, the ministry of finance has extended the deadline for submitting individual income tax returns, as well as, an extension on the current incentive programme which would have initially lapsed on 30 June 2020.

The ministry of finance indicated that the extensions will allow all employers to submit their employee tax excel sheets on the Integrated Tax Administration System (ITAS), as well as, promote the registration and usage of online filing by taxpayers.

Extension on filing of individual income tax returns

The due date for submission of individual income tax returns has been extended from the 30th of June to the 30th of September 2020. The extension only applies for the filing/submission of individual income tax returns and not for the payment of outstanding tax (which is still due on the 30th of June 2020).

Important considerations for employers

The ministry of finance emphasised the importance of employers to submit their monthly detailed employee tax returns for the period March 2019 up to February 2020 online through ITAS, including the uploading of the designated Microsoft excel template or capturing employees’ detailed information online.

Furthermore, employers should ensure that PAYE5 certificates are an exact reflection of their monthly employee tax return submissions for the tax year.

The ministry of finance further advised that employers should not issue PAYE5 certificates to employees, if such employers did not file their monthly employee tax returns online (as per ITAS requirements).

Extension of current tax incentive programme

The tax incentive programme regarding the use of ITAS, in the form of waiving penalties charged on tax accounts will also be extended to the 30th of September 2020.

In order to qualify for this incentive programme, a taxpayer must meet the following requirements:

• Register on the ITAS portal as an e-filer; and

• Update through online submission all tax accounts, for all tax types, in respect of tax returns that might be outstanding.

Should the above requirements be met, automatic waiving of penalties will be done on any of the tax accounts.

Taxpayers are therefore not required to complete an application form for penalties to be waived. The ministry of finance encourages taxpayers to make use of this tax incentive programme before the due date (30 September 2020).

In conclusion

Should taxpayers face challenges in using ITAS or uploading the designated Microsoft excel spreadsheet for employee tax returns, the ITAS helpdesk can be contacted via telephone at +264 61 289 4000 or via email at [email protected]

The Ministry of Finance encouraged taxpayers to register for online filing of tax returns in ensuring faster assessments and avoiding risk such as the spread of Covid-19 where physical filing of tax returns take place.

For more information contact Jacolene Briers, manager at PwC Namibia, at [email protected]

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Allgemeine Zeitung 2024-03-29

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Katima Mulilo: 19° | 36° Rundu: 19° | 29° Eenhana: 19° | 29° Oshakati: 21° | 30° Ruacana: 20° | 33° Tsumeb: 19° | 29° Otjiwarongo: 16° | 29° Omaruru: 19° | 32° Windhoek: 17° | 29° Gobabis: 17° | 30° Henties Bay: 16° | 20° Wind speed: 22km/h, Wind direction: S, Low tide: 11:22, High tide: 05:24, Low Tide: 23:26, High tide: 17:46 Swakopmund: 16° | 17° Wind speed: 24km/h, Wind direction: SW, Low tide: 11:20, High tide: 05:22, Low Tide: 23:24, High tide: 17:44 Walvis Bay: 16° | 22° Wind speed: 27km/h, Wind direction: SW, Low tide: 11:20, High tide: 05:21, Low Tide: 23:24, High tide: 17:43 Rehoboth: 19° | 30° Mariental: 23° | 34° Keetmanshoop: 24° | 35° Aranos: 22° | 33° Lüderitz: 15° | 28° Ariamsvlei: 24° | 35° Oranjemund: 14° | 25° Luanda: 27° | 28° Gaborone: 20° | 32° Lubumbashi: 17° | 26° Mbabane: 16° | 21° Maseru: 11° | 29° Antananarivo: 16° | 27° Lilongwe: 17° | 27° Maputo: 20° | 28° Windhoek: 17° | 29° Cape Town: 17° | 28° Durban: 20° | 24° Johannesburg: 16° | 24° Dar es Salaam: 26° | 32° Lusaka: 20° | 30° Harare: 16° | 29° Currency: GBP to NAD 23.77 | EUR to NAD 20.35 | CNY to NAD 2.61 | USD to NAD 18.88 | DZD to NAD 0.14 | AOA to NAD 0.02 | BWP to NAD 1.33 | EGP to NAD 0.39 | KES to NAD 0.14 | NGN to NAD 0.01 | ZMW to NAD 0.74 | ZWL to NAD 0.04 | BRL to NAD 3.77 | RUB to NAD 0.2 | INR to NAD 0.23 | USD to DZD 134.15 | USD to AOA 832.63 | USD to BWP 13.71 | USD to EGP 47.35 | USD to KES 130.98 | USD to NGN 1415.13 | USD to ZAR 18.88 | USD to ZMW 25.01 | USD to ZWL 321 | Stock Exchange: JSE All Share Index 74536 Up +0.85% | Namibian Stock Exchange (NSX) Overall Index 1528.69 Up +0.84% | Casablanca Stock Exchange (CSE) MASI 12986.94 Up +0.04% | Egyptian Exchange (EGX) 30 Index 27559.35 Down -2.36% | Botswana Stock Exchange (BSE) DCI Same 0 | NSX: MTC 7.75 SAME | Anirep 8.99 SAME | Capricorn Investment group 17.34 SAME | FirstRand Namibia Ltd 49 DOWN 0.50% | Letshego Holdings (Namibia) Ltd 4.1 UP 2.50% | Namibia Asset Management Ltd 0.7 SAME | Namibia Breweries Ltd 31.49 UP 0.03% | Nictus Holdings - 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Nam 2.22 SAME | Oryx Properties Ltd 12.1 UP 1.70% | Paratus Namibia Holdings 11.99 SAME | SBN Holdings 8.45 SAME | Trustco Group Holdings Ltd 0.48 SAME | B2Gold Corporation 47.34 DOWN 1.50% | Local Index closed 677.62 UP 0.12% | Overall Index closed 1534.6 DOWN 0.05% | Osino Resources Corp 19.47 DOWN 2.41% | Commodities: Gold US$ 2 233.12/OZ UP +1.93% | Copper US$ 3.99/lb UP +0.12% | Zinc US$ 2 455.50/T UP 0% | Brent Crude Oil US$ 87.65/BBP UP +1.46% | Platinum US$ 908.62/OZ UP +1.53%