Namibia To Repeal 'Harmful' Tax Incentives
by Lorys Charalambous, Tax-News.com, Cyprus
03 March 2020
Namibia's Minister of Finance, Calle Schlettwein, has tabled The Income Tax Amendment Bill 2020 to repeal the Export Processing Zones (EPZ) regime and certain tax breaks for the manufacturing sector, in response to concerns from the international community that the measures are harmful.
The two regimes, which provide corporate tax and indirect tax breaks and waivers, are considered harmful because they provide selective tax advantages to non-resident entities, the minister explained.
Namibia has committed to repealing the two regimes and replacing the EPZ regime with a Special Economic Zone regime, which is currently being finalized, in order to ensure that Namibia is not returned to the EU blacklist, he said.
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