Inland revenue collects N$300 million as third tax amnesty deadline ends...Fails to get the envisaged N$4 billion
05 Apr 2018 15:30pm
The collector of revenue has only managed to collect an estimated N$300 million in the third phase of the tax amnesty extended to businesses in arrears.
The finance ministry’s efforts to hunt down a N$4 billion amount owed by companies have been frustrated at every turn since last year when the amnesty was put with the deadline having been postponed two times.
The second amnesty period commenced last year from September to the 11th of March this year after the tax-collector managed to bag a measly N$200 million.
Calle Schlettwein reported in his budget presentation that they had only managed to collect a paltry N$972.02 million which drove him to extending the deadline from March to April the 3rd 2018.
The N$300 million collected brings the total collection to approximately N$1.4 billion, Schlettwein said.
Business experts, just like in the case of the first deadline last year, were not that optimistic on the new deadline making a huge cut.
Each time the deadline was lifted, business gave a sigh of relief as it showed that the minister was not keen on taking legal action.
Above this, Schlettwein has this year said treasury was proposing several tax policy changes, including phasing out the preferential tax treatment granted to some existing manufacturers.
A contraction in the construction industry sent shockwaves in the economy with many businesses running losses, trimming down on operations and staff and others closing their doors.