· European Union has decided to delist Namibia as one of the countries regarded as tax havens due to lax practices and regulations on tax governance.
· Namibia adopted necessary reforms to bring the country’s tax systems up to the required EU standard to get it delisted from the blacklist.
European Union has decided to delist Namibia as one of the countries regarded as tax havens due to lax practices and regulations on tax governance. Namibia adopted necessary reforms to bring the country’s tax systems up to the required EU standard to get it delisted from the blacklist. To comply with EU requests, Namibia had to remove preferential treatment for manufacturers by repealing the Export Processing Zone (EPZ) Act as well as tax incentives for manufacturers.
Namibia was the only sub-Saharan African country to be blacklisted by the EU trading bloc in December last year.
Namibia has joined the global forum that promotes tax transparency as well as making amendments to the Income Tax Act to remove certain tax incentives. It is hoped that the removal from the EU tax haven list will encourage more investment into Namibia.
