Revenue authority targets fishing companies

The Namibia Revenue Agency (Namra) is investigating 14 fishing companies for alleged tax evasion. The Namibian reports that despite being one of the top sectors contributing to the Namibian economy over the years, the fishing industry has been among the lowest contributors to the Treasury, according to Namra spokesperson Steven Ndorokaze. He said fees paid to directors and other members are often going undeclared and therefore untaxed. He added investigations are focusing on the sale of fishing quotas by rights holders. ‘The analysis is targeting beneficial ownership and transactions with related entities concerning vessel ownership and the export of products,’ Ndorokaze said. Between 1 May and 19 July, Namra issued administrative summonses in accordance with the applicable laws and raised tax assessments to determine the tax liability. This was followed by the appointment of third parties to pay over funds in respect of tax debts owed by identified taxpayers. ‘This action resulted in the recovery of N$20m (US$!.1m) from 14 fishing companies,’ Ndorokaze said.

Full report in The Namibian