Tax evasion refers to illegal activities that you deliberately undertake to free yourself from a tax burden. An easy example to illustrate tax evasion is, if you intentionally omit income from your annual tax return. Tax evasion is subject to penalties under Section 65 and 66 of the Income Tax Act.
Tax avoidance, on the other hand, is a form of tax planning which involves the use of legal means to reduce your tax liability, i.e. to seek the minimum amount of tax payable without contravening the provisions of the Income Tax Act.
If you are able to arrange your business and tax affairs in a manner that reduces your tax liability, you are welcome to do so as long as it does not contravene the provisions of the Income Tax Act. There is no obligation for a taxpayer to pay more tax than is legally required under the Income Tax Act.
A cargo manifest is a listing of the goods comprising the cargo (freight) carried by a means of transport. The cargo manifest describes the particulars of the goods, such as transp
The total amount, in cash or otherwise, received by or accrued in favour of a person during such year or period of assessment from a source within or deemed to be within Namibia, e
A value-added tax (VAT) is a consumption tax placed on a product whenever value is added at each stage of the supply chain, from production to the point of sale. The amount of VAT
Re-importation in the same state is the Customs procedure under which goods which were exported and were in free circulation, or were compensating products may be taken into home u
Within ASYCUDA system, the means for examination reporting is called the inspection act, which is electronically attached to the specific declaration. If a Customs officer amends a
The Automated SYstems for CUstoms DAta (ASYCUDA) is a computerized customs management system which handles manifest and customs declarations, accounting procedures, transit &a
An Export Processing Zone is a defined area, which is inside Namibia but for normal circumstances will be considered to be outside the Customs territory of Namibia. In the area de
An ATA carnet is an international Customs document, which is used for the temporary duty-free importation of goods into a country in lieu of the usual customs documents, required.P
A surety bond is the Customs procedure under which goods which were exported and were in free circulation, or were compensating products may be taken into home use free of import d
Any natural person who provide advice to other person about the application of Tax law or completes or assist with the completion of a return for another person.A company carrying
NAMSAD means an acronym for the Namibia Customs and Excise Single Administrative Document (The SAD 500/501, 502 and 503).
Carnets De Passage En Douane (CDP Carnet) an international customs document which incorporates an international valid guarantee and may be used, in lieu of national customs documen