{"id":3307,"date":"2021-10-11T14:13:04","date_gmt":"2021-10-11T14:13:04","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/revenue-agency-zooms-in-on-fishing-sector"},"modified":"2021-10-11T14:26:41","modified_gmt":"2021-10-11T14:26:41","slug":"revenue-agency-zooms-in-on-fishing-sector","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/revenue-agency-zooms-in-on-fishing-sector","title":{"rendered":"Revenue agency zooms in on fishing sector"},"content":{"rendered":"

Africa-Press<\/a> – Namibia<\/a>. <\/strong><\/span>THE Namibia Revenue Agency is currently analysing the level of tax compliance in the fishing sector.<\/b><\/p>\n

The exercise started in August and is set to be concluded next month. Namibia Revenue Agency (Namra) commissioner Sam Shivute revealed this last week, saying the analysis is meant to determine general compliance levels.<\/p>\n

Namibia’s fishing industry is one sector where irregularities have been reported to be on the rise in recent years. It’s also a sector that has enabled at least N$2,5 billion to be siphoned from the Namibian economy through the Fishrot corruption scandal.<\/p>\n

The sector contributes about N$10 billion to the country’s gross domestic product a year, making it Namibia’s third-largest employer after mining and agriculture.<\/p>\n

Shivute said multiple factors have influenced Namra to look at the local fishing industry. \u201cThese factors include our mandate, our strategic objective of improving voluntary compliance, and optimising revenue collection,\u201d he said.<\/p>\n

Shivute said the process has been extended to various industries, like the retail, farming, and trophy hunting sectors, and the fees of board directors.<\/p>\n

The exercise would investigate the number of taxpayers in the respective industries, and ascertain whether they are registered as taxpayers with Namra. He said the most important consideration is revenue impact by comparing revenue yield to tax declarations.<\/p>\n

\u201cThere is a need to understand the magnitude of this industry, the revenue generated, and beneficiary ownership, as well as to determine whether players in these sectors have paid their fair share of taxes to the state,\u201d he said.<\/p>\n

Shivute warned that it would be in the best interest of those who have not been compliant to come forward and do the right thing. \u201cNon-compliance can be costly,\u201d he said.<\/p>\n

Namra, which has replaced Inland Revenue, has been in existence for about four months, and has so far collected N$23 billion out of a total revenue target of N$48,8 billion for the 2021\/22 financial year, according to documents presented to the media last week.<\/p>\n

Namra said it intends to increase the country’s tax morale so that Namibians pay taxes willingly and accurately. \u201cIt will thus strive to be responsive to all taxpayers, and make it convenient to comply,\u201d Shivute said.<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. THE Namibia Revenue Agency is currently analysing the level of tax compliance in the fishing sector. The exercise started in August and is set to be concluded next month. Namibia Revenue Agency (Namra) commissioner Sam Shivute revealed this last week, saying the analysis is meant to determine general compliance levels. Namibia’s fishing […]<\/p>\n","protected":false},"author":84,"featured_media":3306,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[234,236,1073,233,1563],"class_list":["post-3307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-namibia","tag-agency","tag-namibia","tag-sector"],"yoast_head":"\nRevenue agency zooms in on fishing sector - Namibia<\/title>\n<meta name=\"description\" content=\"THE Namibia Revenue Agency is currently analysing the level of tax compliance in the fishing sector. 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