Trustco Group Holdings Ltd vs NamRA court case findings

The Trustco Group of Companies (Trustco), being the Holding Company and 42 subsidiaries took the Namibia Revenue Agency (NamRA) to court on account of “two decisions” by NamRA, relating to the demand for payment of outstanding tax debts assessed at N$593 million and the appointment of the First National Bank of Namibia (FNB) as an agent by NamRA.

Following the appointment of FNB as an agent in line with section 91 of the Income Tax Act, 1981 (Act No. 24 of 1981), the bank notified Trustco that the latter’s accounts “have been put on hold on the instruction of NamRA”. This seems to have triggered Trustco into action, thereby launching the application which was finally decided by the full bench of the High Court at the end of last month.