The Namibia Revenue Agency (Namra) has called a meeting to address legal compliance and governance challenges regarding the transfer of mineral and petroleum licences and company shares.
According to a Namra invitation shared this week, the session is intended to bring together regulators, policymakers, tax officials, industry representatives and taxpayers.
The meeting is scheduled to take place at Namra’s head office at Town Square in Windhoek from 10h00 to 13h00 today.
“The session will provide an overview of the relevant legal framework, key compliance requirements and enforcement measures.
It will also explore practical challenges encountered in these transactions and areas for improvement,” Namra says.
The agency says the engagement will allow stakeholders to share insights, experiences and perspectives on improving oversight and governance in the transfer of mineral and petroleum licences.
Namra spokesperson Magano Naimbale did not respond to questions sent to her yesterday.
Former Cabinet minister Calle Schlettwein yesterday said Namibia’s allocation of mineral rights is not well regulated under the Mining Act.
“It is not treated as a state asset.
I believe it is not the Namra Act that needs to be amended, but rather the State Finance Act, where the treasury has the authority to approve or reject the alienation of state assets.
I believe mineral rights should be treated in that manner,” he said.
He said the regulatory framework governing the issue is insufficient.
Schlettwein suggested that those who exploited Namibia’s minerals did not contribute to the country’s economy accordingly.
“Many of them are guilty of illicit outflows because of thin capitalisation and tax avoidance schemes they have.
The big profits of mineral companies are in Canada, the Virgin Islands, Britain and America – not in Namibia.
A good example is the 130 years of diamond mining. What wealth has it created in Namibia?
“Compare this to the wealth it created for Anglo American, De Beers and England.
It’s huge, it’s massive. If you have hard and fast rules, which can only be amended by the parliament . . .
“Now you have a set of rules that can be amended by a minister.
I don’t think that is good,” he said.
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