Remember in the previous update, we had said if a farmer gives or donates a cattle, such a person should be taxed on the value of the cattle he or she has given away?
But how will the taxman know that the farmer has given or donated livestock? Answer – by relying on the honesty of the taxpayer.
Remember that Namibian tax is on a self-assessment basis. The taxpayer submits all that relates to tax and the taxman charges on that. It is not required of the taxman to verify tax information, but they do in certain cases.
So for livestock, there is what is called a livestock reconciliation to be completed and submitted by all farmers and that is how the taxman knows.
This is included in the tax forms, under schedule 25.
– Update by Lazarus Amukeshe, Hdip Tax
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