27 Apr 2016 14:20pm
WINDHOEK, 27 APR (NAMPA) Minister of Finance, Calle Schlettwein Tuesday tabled the Export Levy Bill in the National Assembly (NA).
The Bill will provide for an export levy on certain goods, so as to improve Namibia's value share in its resource base; encourage further processing or beneficiation of value addition to such goods; support national or regional industrial development and promote the development of regional value chains.
Motivating the Bill, Schlettwein said the levy will also contribute to the national objectives under the Growth at Home Strategy, greater economic benefits and the creation of more jobs.
The levy is intended to improve Namibia's value share in its natural resources base, encourage further processing or beneficiation of natural resources, support national and regional value chains and the broadening of domestic revenue base.
He added that the levy on export goods allows Namibia to utilise its policy space to achieve domestic value-addition and commodity-based industrialisation objectives.
The levy is proposed to apply to unprocessed or semi-processed export goods in the natural resources sectors, such as mining ores, diamonds and marine products.
The Bill provides for the initial phase of export levy goods, thus currently not covered such as game, livestock, and forestry products will be considered at a later stage.
He noted that an estimated amount of N.dollars 100 million will be generated during the 2016/17 financial year and N.dollars 130 million during the 2017/18 financial year.
The levy will be administered by the Directorate of Customs and Excise.
The Bill will also require that exporters maintain up-to-date records of trade accounts of the goods concerned and cause to be paid for the benefit of the State Revenue Fund the applicable amounts, based on assessments made and the final export value of the goods concerned.