FINANCE MINISTRY TO TABLE REVISED NATIONAL BUDGET NAMIBIA

WINDHOEK – Finance Minister CALLE SCHLETTWEIN of NAMIBIA has been due to table the National Budget for the 2017 to 2018 fiscal year this afternoon.

State radio, NBC News says the development comes FIVE months after he revised his previous financial plan from 61-BILLION to 57-BILLION NAMIBIA dollars to reduce accumulated debt.

It says Minister SCHLETTWEIN has remained unwavering since last year, saying NAMIBIA is not broke and the government has not lost its ability to honour financial obligations.

NBC News says NAMIBIA has been facing harsh economic difficulties for some time now, and measures by Minister SCHLETTWEIN aim to strengthen growth and cut wastages.

It says as a result, he has frozen certain tenders and vacancies, while he also proposes to introduce some taxes.

The national broadcaster quotes Accountant CHANTELL HUSSELMANN as saying this year’s budget is likely to come up with measures like environmental levies and a revised Solidarity Tax.

She says the announcement of Tax Amnesty this year also has the potential to help the Government broaden its revenue collection base.

Ms HUSSELMANN says the State can broaden the tax further in the next financial year, with the removal of exemptions from a variety of categories of taxation.

The NAMIBIAN Finance Minister says his Government wants to re-design proposals for tax on wealth, to target people and organisations with high income.