Ministry of finance, page 4

Cabinet Decision or Date/Year of Enactment Date of Review Name of Document Purpose/Rationale of Policy(ies)/ Strategies

19 December 1997

Not Available

To appropriate amounts of money to meet the financial requirements of the State during the financial year ending 31 March 1998.

19 March 1991

Not Available

To provide for the levying and collection of a petroleum income tax and an additional profits tax in respect of certain income received by or accrued to or in favour of persons in connection with exploration operations, development operations or production operations carried out in Namibia in relation to petroleum; And to provide for matters incidental thereto.

19 November 1999

Not Available

To provide for the establishment of a Members of Parliament and other Office- bearers Pension Fund; and to provide for matters connected therewith.

19 November 1999

Not Available

To amend the Income Tax Act, 1981, so as to amend the definition of "company" in so far as it relates to unit trust schemes; to include income from preservation funds in the definition of "gross income"; to redefine the exemption from tax of any lump sum payment by a pension fund on retirement; to include certain pension schemes in the definition of pension fund"; to increase the amount below which any member's interest in a pension fund may be commuted for a single payment and to preclude local authorities from controlling the assets or management of funds created for their employees; to define preservation funds; to provide that only provident funds registered under the Pension Funds Act, 1956, may be approved; to redefine the assets in respect of which recoupments of allowances may arise; to include in taxable income any withdrawals from a preservation fund; to deem the source of annuities received from purchased annuity contracts entered into in a foreign country to be Namibia, subject to certain conditions; to increase the exemption from tax on a lump sum on retirement and retrenchment; to reformulate the exemption applicable on transfer of pension and provident fund proceeds to any approved fund; to exempt from taxation one-third of the proceeds from a preservation fund on retirement; to exempt unit portfolios from taxation; to exempt from taxation, subject to certain conditions, annuities arising from capital invested outside Namibia; to provide that expenditure incurred in respect of aircraft, ships and boats also be claimed over three years; to increase the allowance in respect of contributions to retirement funds; to allow that expenditure incurred for both private and business purposes be apportioned and that the business portion may be claimed as an expense; to make new provisions for the granting of extensions for the submission of returns of income and for the payment of any tax due; to provide for the assessment of taxpayers who are not required to submit returns of income and to allow a period of time for the payment of any tax due by such taxpayers; to subject deductions of employees' tax from the remuneration of employees made by an employer to examination; to require that certain information be supplied annually instead of only at the request of the Minister; to change the basis of calculation of additional tax in respect of the late submission of returns of income; to provide for changes with regard to the calculation of interest on late payments; to require employees to supply a copy of their "Certificates of Registration as a Taxpayer for Income Tax" to their employers and to provide that, should an employee fail to supply such copy, deductions of employees' tax from the remuneration of employees be made at the maximum rate; to increase the threshold of other income before which a taxpayer is required to register as a provisional taxpayer; to repeal superfluous provisions; and to provide for incidental matters.

19 October 2010

Not Available

To amend the Banking Institutions Act, 1998, so as to provide for certain definitions; to provide for consolidated supervision; to provide for the registration of controlling companies and cancellation thereof; to regulate investment by controlling companies and the restructuring within group of companies; to authorise foreign banking institutions to open branches in Namibia; to prohibit banking institutions from converting to branches of foreign banking institutions; to authorise the Bank to determine minimum capital funds in respect of banking institution or banking group; to oblige banking institutions and controlling companies to notify the Bank of nomination of any person for appointment as director or principal officer 30 days prior to such appointment; to prohibit and criminalise pyramid schemes; to subject the appointment of provisional liquidator, provisional judicial manager, liquidator or judicial manager by the Master of the High Court to the recommendation of the Bank; to oblige the Master of the High Court to appoint persons designated by the Bank to assist provisional liquidators, provisional judicial managers, liquidators or judicial managers; to empower the Minister to regulate unfair terms in transactions and contracts between banking institutions and their customers or the general public; to empower the Minister to regulate the ownership of a banking institution or a controlling company; to empower the Bank to determine administrative fines; to provide procedure for the imposition of fines and to decriminalise certain provisions; to provide for the appointment of an Appeal Board; and to provide for incidental matters.

2 July 1990

Not Available

To provide for the establishment of a central bank for the Republic of Namibia, its constitution, objects and powers; to regulate the issue of Bank notes and coins and the monetary system of the Republic of Namibia; and to provide for matters connected therewith.

2 June 2006

Not Available

To appropriate amounts of money to meet the financial requirements of the State During the financial year ending 31 March 2007.

20 April 2001

Not Available

To establish an Authority to exercise supervision over the business of financial institutions and over financial services; to provide for the functions and powers Of the Authority; and to provide for incidental matters.

20 April 2001

Not Available

To provide for the establishment, management and administration of the Motor Vehicle Accidents Fund; payment of compensation to victims of motor vehicle Accidents and incidental matters.

20 February 1998

Not Available

To consolidate and amend the laws relating to banking institutions; to provide for the authorisation of a person to conduct business as a banking institution, and for the control, supervision and regulation of banking institutions; to protect the interests of persons making deposits with banking institutions; to provide for the winding-up or judicial management of banking institutions and for the cancellation Of authorisations; and to provide for matters incidental thereto.

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