NTB funding slashed by N.dollars 28 million in 2017

08 Apr 2018 10:20am
WINDHOEK, 08 APR (NAMPA) – Government cut the budget allocation for the Namibia Tourism Board (NTB) by N.dollars 28.3 million in 2017.
This was revealed in the institution’s latest audit report by Auditor-General Junias Kandjeke.
In 2017, NTB received N.dollars 17.6 million from Government, in comparison to the N.dollars 45.9 million it received the previous year.
The audit report for the financial year ended March 2017 tabled last week in the National Assembly by Deputy Minister of Finance Natangwe Ithete, disclosed that NTB accumulated less total revenue of N.dollars 19.4 million.
In 2016, NTB recorded N.dollars 81 million in profit.
The report further reveals under the financial statements that the value of land, building, motor vehicles, furniture, fixtures, office equipment and computer equipment stood at N.dollars 65.2 million.
This is an increase of N.dollars 1.1 million in value when compared to the previous year.
“The additions consisted mainly of building costs capitalised during the 2017 financial year,” Kandjeke stated.
The report further states that NTB collected N.dollars 39 million in levies and N.dollars 1.9 million on interest for outstanding levies.
NTB collects levies from companies registered with the board as accommodation establishments, excluding camp sites.
Establishments might pay their levies late and as such, accumulate interest. It is these interests and penalties which are usually not paid, creating the impression that levies are not being paid, the report states.
The board acquired property, plants and equipment of N.dollars 2 million (N.dollars 16 million in 2016) during the year under review.
Additionally, NTB took out a long-term finance lease of N.dollars 22 million to finance the remaining construction costs, at an interest rate of 8,65 per cent per annum from First National Bank.
Kandjeke found that NTB’s financial performance for 2017 was fairly presented in their financial statements in all material respects.