{"id":60034,"date":"2023-12-15T12:15:12","date_gmt":"2023-12-15T12:15:12","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/trade-verification-can-slash-n33bn-in-tax-infractions"},"modified":"2023-12-15T12:16:55","modified_gmt":"2023-12-15T12:16:55","slug":"trade-verification-can-slash-n33bn-in-tax-infractions","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/trade-verification-can-slash-n33bn-in-tax-infractions","title":{"rendered":"Trade verification can slash N$33bn in tax infractions"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Namibia is among a handful of African countries that have successfully developed and implemented a trade verification system (TVS) to monitor cross-border financial transactions relating to the importation and exportation of goods.<\/p>\n

This is after Namibia on Wednesday launched the TVS, with finance deputy minister Maureen Hinda-Mbuende saying by deploying the TVS, Namibia is expected to reduce the estimated N$33 billion potential tax-related offences as estimated by the Financial Intelligence Centre.<\/p>\n

This web-based regulatory system is aimed at mitigating the illegal outflow of funds from Namibia. It will be used as a monitoring capability to reconcile the cross-border transfers of money with the movement of goods into the country. \u201cThe benefits for the state are enormous. Namibia will see to it that there is a significant reduction in fraudulent value-added tax (VAT) refund claims, while empowering the Namibian government to uphold fair trade practices and financial transparency,\u201d said the minister, whose remarks were delivered by deputy executive director for economic policy in the ministry, Oscar Capelao.<\/p>\n

Hinda-Mbuende added that the system will aid in curbing illicit financial activities and misreporting to ensure accurate and efficient tax collection. Furthermore, she stated illicit financial outflows not only deprive countries of crucial resources but also contribute to the perpetuation of poverty and inequality.<\/p>\n

\u201cIllicit financial flows were identified as a substantial impediment to sustainable development in African nations. These outflows obstruct investments in critical sectors, impede overall economic growth and further intensify prevailing socio-economic challenges,\u201d explained the minister.<\/p>\n

At the same occasion, deputy governor of the Bank of Namibia, Leonie Dunn said the development of this innovative digital trade verification platform remains paramount to Namibia, as it ensures the strengthening of mechanisms to address nationally-identified vulnerabilities, as well as furthering global market integrity and competitiveness. \u201cAny flow of funds that is categorised to be for goods and does not get reconciled within the days as legislated in the exchange control regulations will, therefore, warrant investigations by officials \u2013 and where necessary, punitive measures will be taken when the commission of an offence is discovered,\u201d Dunn warned.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Namibia is among a handful of African countries that have successfully developed and implemented a trade verification system (TVS) to monitor cross-border financial transactions relating to the importation and exportation of goods. This is after Namibia on Wednesday launched the TVS, with finance deputy minister Maureen Hinda-Mbuende saying by deploying the TVS, […]<\/p>\n","protected":false},"author":84,"featured_media":60033,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-60034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nTrade verification can slash N$33bn in tax infractions - Namibia<\/title>\n<meta name=\"description\" content=\"Namibia is among a handful of African countries that have successfully developed and implemented a trade verification sy ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/trade-verification-can-slash-n33bn-in-tax-infractions\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trade verification can slash N$33bn in tax infractions\" \/>\n<meta property=\"og:description\" content=\"Namibia is among a handful of African countries that have successfully developed and implemented a trade verification sy ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/trade-verification-can-slash-n33bn-in-tax-infractions\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-15T12:15:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-15T12:16:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/12\/sm_1702629964.172455.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"720\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trade-verification-can-slash-n33bn-in-tax-infractions#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trade-verification-can-slash-n33bn-in-tax-infractions\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Trade verification can slash N$33bn in tax infractions\",\"datePublished\":\"2023-12-15T12:15:12+00:00\",\"dateModified\":\"2023-12-15T12:16:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trade-verification-can-slash-n33bn-in-tax-infractions\"},\"wordCount\":363,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trade-verification-can-slash-n33bn-in-tax-infractions#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2023\/12\/sm_1702629964.172455.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/trade-verification-can-slash-n33bn-in-tax-infractions#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trade-verification-can-slash-n33bn-in-tax-infractions\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/trade-verification-can-slash-n33bn-in-tax-infractions\",\"name\":\"Trade verification can slash N$33bn in tax infractions - 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