26 Oct 2017 19:30pm
WINDHOEK, 26 OCT (NAMPA) Cabinet directed that an in-depth study be carried out on natural resources in the country to establish whether the country is deriving maximum benefits from its natural resources.
This was announced by Minister of Information, Communication and Technology (ICT), Tjekero Tweya at a media briefing here Thursday.
Tweya explained that the study is part of the recommendations by the Cabinet Committee on Trade and Economic Development which conducted a study in 2009 on the effective utilisation of the countrys natural resources.
He said currently the country does not benefit enough from the resources, hence the comprehensive study so that we dont say yes we have all these minerals, but yet we can hardly fight poverty. We want to do it systemic through this type of study.
Tweya said Cabinet directed that the study be conducted on natural resources, such as minerals (including diamonds), wildlife and forestry.
He noted that the National Planning Commission should source funding for the study.
The study will look at various ways on how Government is benefiting, be it from licenses or royalties.
Tweya further said Cabinet directed the Ministry of Finance to review clauses 18, 36 and 37 of the Income Tax Act, 1981 (Act No.24 of 1981) that provides for deductions and calculations of income derived from mining operations in order to ensure balance sharing of the benefits accrued from the natural resources between the government and the investor.
Meanwhile, Cabinet endorsed that the total allowable catch (TAC) for hake be set at 154 000 metric tons for the 2017/18 fishing season, which runs from 01 November 2017 to 30 September 2018.
Cabinet also endorsed that rock lobster TAC be set at 230 metric tons for the 2017/2018 season, which runs from 01 November 2017 to April 2018.