News

The Namibian Institute of Professional Accountants (NIPA) released important communication following a meeting between their Tax Committee and the Department of Inland Revenue (IRD) earlier this week. Based on an update sent to all members on 18 September, we herewith wish to confirm the following.

The Namibian Institute of Professional Accountants (NIPA) released important communication following a meeting between their Tax Committee and the Department of Inland Revenue (IRD) earlier this week. Based on an update sent to all members on 18 September, we herewith wish to confirm the following.

On the 18th of August 2020, the Monetary Policy Committee (MPC) of the Bank of Namibia held its bi-monthly meeting and decided to reduce the Repo rate by 25 basis points, from 4 percent to 3.75 percent, a new historic low. The decision was taken following a review of global, regional and domestic economic and financial developments. This translates to a cumulative 2.75 percentage points reduction in the Repo rate since the beginning of 2020.

Namibia’s Ministry of Finance released an official statement confirming the deadline to submit Individual Income Tax Returns was extended from 30 June 2020 to 30 September 2020.

Namibia’s Ministry of Finance released an official statement confirming the deadline to submit Individual Income Tax Returns was extended from 30 June 2020 to 30 September 2020.

Said notice follows a similar, earlier grant by the Department of Inland Revenue to extend the submission deadline of annual PAYE Reconciliations from 31 March 2020 to 30 May 2020.