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Repo rate reduced to 6.5 percent

On the 13th of August, the Monetary Policy Committee (MPC) of the Bank of Namibia held its bi-monthly meeting and decided to cut the Repo rate with 25 basis points to 6.50 percent. The decision was made in line with the domestic economic activity that is projected to remain weak for the remainder of the year. Further substantiating the reduction is the stock of international reserves that stood at N$35,2 billion on 31 July 2019. Compared to the N$ 34,1 billion previously reported, the current amount of international reserves is sufficient to protect the peg of the Namibia Dollar to the South African Rand while meeting Namibia’s international financial obligations.

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Economic Growth Summit Review

The current economic headwinds facing Namibia have compelled the Government to introduce several policy reforms to create a more conducive business environment and reduce bureaucratic restrictions. During the economic summit held in Windhoek from 31 July to 1 August, the President’s key note address provided highly anticipated information especially with regards to government’s position on the NEEEB 25% equity requirement and ease of access for doing business in our country (amongst others).

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Bank of Namibia confirms repo rate unchanged

Following the implementation of the new Integrated Tax Administration System (ITAS), all relevant employers were requested to submit monthly PAYE returns via the online portal from March 2019 onwards. Notwithstanding the successful online registration and submission from countless employers, the Ministry of Finance received various requests to postpone the deadline for anticipated online submissions.

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Information update on PAYE returns and online submissions

Following the implementation of the new Integrated Tax Administration System (ITAS), all relevant employers were requested to submit monthly PAYE returns via the online portal from March 2019 onwards. Notwithstanding the successful online registration and submission from countless employers, the Ministry of Finance received various requests to postpone the deadline for anticipated online submissions.

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