Finance of Finance, page 5

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

20 June 2001

Not Available

To appropriate amounts of money to meet the financial requirements of the State during the financial year ending 31 March 2002.

20 March 1991

Not Available

To appropriate additional amounts of money to meet The financial recruitments of the State during the financial year ending 31 March l991.

21 December 1998

Not Available

To appropriate amounts of money to meet the financial requirements of the State during the financial year ending 31 March 1999.

21 December 2000

Not Available

To appropriate supplementary amounts of money to meet the additional financial requirements of the State during the financial year ending 31 March 2001.

21 December 2000

Not Available

To amend the Stock Exchanges Control Act, 1985, so as to make provision for a body corporate to be able to become a member of stock exchange; to empower the Minister of Finance to determine the minimum capital requirement for members of stock exchange; to provide for the disclosure of information relating to securities; and to provide for incidental matters.

21 December 2000

Not Available

To amend the Value-Added Tax Act, 2000, so as to define or further define certain expressions; to exclude goods used for demonstration purposes from tax; to further define the expression "taxable activity"; to provide for the value of a supply where the recipient is an association not for gain; to require a guarantee only from foreign importers to cover the value of tax; to further provide for the registration of certain persons; to absolve the State from the liability to register for tax; to provide for the effective date of registration to be determined in the same manner; to provide for deemed input credits in respect of used goods and for bad debt allowances; to extend the basis of the apportionment formula; to provide that tax invoices only be issued on request and to increase the amount of cash sales below which a tax invoice is not required; to further define the expression "farming activities"; to make provision for a predetermined date for the submission of returns; to allow the Commissioner to extend on reasonable grounds the period within which objections are to be lodged; to disallow the addition of new grounds of appeal in appeals against objection decisions; to allow the consolidation of amounts due per tax period into a consolidated account; to reformulate the treatment of refunds and the basis of calculating interest on delayed refunds; to provide for refunds in respect of tax paid by certain diplomats, diplomatic and consular missions and international organisations, and in respect of certain technical assistance agreements; to further define the expression "records"; to require that records be kept at places of business of registered persons and that all accounting records be maintained in Namibia within a certain period of time; to provide that tax investigations only be conducted for the period that records are required to be kept; to limit the period for calculating interest to completed months; to provide that interest may exceed any capital outstanding; to delete the provision regarding the improper use of exemption certificates; to criminalise the failure to produce certain records to a taxation officer; to revise certain penalties to enable the computerisation thereof; to authorise the Commissioner to make arrangements to overcome certain difficulties and anomalies; to repeal the provision regarding the prohibition of the registration of certain goods in certain circumstances; to more clearly provide for transitional matters; to revise the Schedule of goods subject to the 30% tax rate; to further define the expression "maize meal"; to define the expressions "asset management services" and "financial services" and to delete the definition of "used goods" in Schedule IV; to provide for the taxability of certain financial services and the exemption therefrom of certain long-term insurance business; to more correctly specify exempt imports; and to provide for matters connected therewith.

21 December 2003

Not Available

To appropriate supplementary amounts of money to meet additional financial requirements of the State during the financial year ending 31 March 2004.

21 December 2003

Not Available

To amend the Additional Sales Levy Act, 1993, so as to increase the rate at which additional sales levy shall be calculated on certain commodities.

21 December 2003

Not Available

To amend the Transfer Duty Act, 1993, so as to amend the rates of transfer duty and to withdraw a certain exemption; and to provide for matters connected therewith.

21 December 2003

Not Available

To provide for the form, interpretation, negotiation, and discharge of bills of exchange, cheques, promissory notes and other documents; to provide for the general rights and duties of holder and authority and liabilities of parties in relation to bills, cheques, promissory notes and other documents; and to provide for incidental matters.

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