Schlettwein keeps fingers crossed over tax haven delisting

March 11, 2018, 4:55pm

Finance minister Calle Schlettwein has kept his fingers crossed that the powers that be in the European union will finanally remove the tax-haven tag from Namibia which poses serious trouble for the economy in attracting foreign investment.

In his budget presentation last week, Schlettwein stamped that while it has been an unfortunate error that Namibia has been classified by the European Union as a tax haven, this is to the contrary.

This is inspite of the fact the the European Ambassador to Namibia last year engaged journalists clarifying that the listing did not suggest that Namibia was a tax haven.

“The Council decision of the EU 28 member states categorised Namibia as a country with a non-cooperative tax jurisdiction. The list is temporary, and is based on the fact that Namibia did not respond to the questions posted,” she explained.

Namibia is allegedly found offside by the EU member states for not joining both the Global Forum on Transparency and Exchange of Information for Tax purposes as well as to sign, ratify and participate in the OECD Multilateral Convention on Mutual Administrative Assistance on tax matters.

She had been forced into clarifying the issue after global news agencies carried bold headlines that the Southern African open economy had been labeled a tax haven.