WINDHOEK: In an ongoing effort to reduce dependency on revenue from the Southern African Customs Union (SACU), the Ministry of Finance and Public Enterprises has initiated a Tax Policy Unit. Finance Minister Iipumbu Shiimi made the announcement during his mid-year budget review policy statement for the financial year 2023–24 in Parliament on Tuesday.
According to NAMPA, benchmark against other countries, and align with best international practices in taxation. Shiimi emphasized that in the current regional economic climate, and considering the volatile nature of SACU revenues, domestic revenue mobilization becomes critical for sustaining the medium-term macro-policy framework.
Shiimi noted that the Tax Policy Unit has already developed a list of potential areas of reform to be executed over the medium term. He said the unit would engage comprehensively with stakeholders on the proposed tax amendments in the upcoming months before making any public announcements.
Additionally, the unit has made progress in preparations to renegotiate Namibia’s Double Taxation Agreements (DTAs) globally. Shiimi indicated that the team has undergone the necessary training, updated policies and models to be in line with international best practices, and created a schedule of DTAs for renegotiation according to Namibia’s trade profile. This schedule will be submitted to the Cabinet for approval shortly, he said.