NAMIBIA BUDGET SPEECH HIGHLIGHTS
The Minister of Finance, Hon. Calle Schlettwein, presented the 2017/18 Budget Speech to Parliament on 8 March 2017.
- A budget deficit equivalent to 3.6% of GDP is projected for 2017/18, representing an improvement from deficits of 6.3% and 8.3% of GDP in 2016/17 and 2015/16, respectively.
- Implementation of the Tax Arrear Recovery Incentive Programme will continue across all categories of taxes.
- A tax proposal for a Simplified Presumptive Tax on small units will be developed and tabled.
- A phased roll-out of the new Integrated Tax System will commence during the year for the full deployment of the system by 2018.
- Transitional modalities for the establishing of a Semi-Autonomous Revenue Agency will commence with the tabling of the enabling legislation in 2017. The expected commencement date for the Agency is 1 April 2018.
- The tax incentive programme (tax amnesty) that was announced in January 2017 will continue until 31 July 2017.
- Tax proposals for curbing base-eroding tax exemptions and deductions on the Income Tax and VAT will be proposed through a stakeholder consultation process.
- Neither tax rate changes, nor any new taxes were announced.
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