The Namibia Revenue Agency has announced the commencement of a mandatory pilot phase for its financial security framework at its Walvis Bay office.
Namra in a notice on Friday says the pilot phase will run from 1 December to 28 February and the framework will apply to exporters, importers, customs clearing agents, freight forwarders and other stakeholders using the automated system for customs data world system.
“The financial security framework is a globally recognised measure adopted by customs administrations to mitigate potential revenue risks arising from non-compliance by traders, particularly in cases where goods are released pending final verification of value, classification or origin,” the notice reads.
Under the framework, traders will be required to provide financial security in the form of cash, a bond or guarantee before the release of goods or consignments.
Namra further says the mechanism will allow importers and exporters to receive their consignments while customs verification processes continue, improving efficiency and predictability within clearance operations.
“The introduction of the financial security framework forms part of Namra’s ongoing efforts to enhance transparency, strengthen revenue collection and promote trade facilitation,” it notes.
The framework also forms part of Namibia’s customs modernisation agenda and is intended to curb potential revenue losses associated with the under-valuation or over-valuation of goods, the agency says.
