Taxman moves deadline to March
The extension is only for the filing of returns and not for the payment of tax.
Jo-Maré Duddy
More than 10 000 companies which still haven't fully submitted their employee tax returns on the Integrated Tax Administration System (ITAS) portal have compelled the ministry of finance to once again postpone the deadline for the submission of annual individual income tax returns.
The new due date is 1 March 2021.
The chief public relations officer of the ministry, Tonateni Shidhudhu, yesterday told Market Watch the outstanding templates or excel sheets with employee tax returns (ETX) of thousands of companies on the ITAS portal remains a challenge “despite our vigorous campaigns to educate employers” in the process.
The original due date for employers to have uploaded their ETXs on the ITAS was 20 March. Annual individual income tax returns were initially supposed to be submitted by the end of June. However, due to “public demand and effects of Covid-19” the ministry postponed the date to 30 September, according to a statement in June.
The ministry yesterday issued a statement with the new March deadline.
It emphasised that the extension is only for the filing of returns and not for the payment of tax that might be due by the end of September or any other date thereafter.
Training plan
According to Shidhudhu, the ministry is currently “carrying out a training plan for those companies as taxpayers”. “Our target is to ensure that these companies submit their returns by the end of November and the remaining months will be just for cleaning up,” he said.
“It is a serious project that we are embarking on as from now, targeting big institutions that are still struggling,” Shidhudhu said.
The online submission of ETX excel sheets is a prerequisite before annual individual tax returns are filed.
“Information disclosed or declared in individual tax returns is validated against the information submitted by the employers, hence assessments for employees can only be finalised provided their respective employers have submitted monthly employee tax returns excel spread sheets,” Shidhudhu explained.
Incentive scheme
The ministry yesterday also extended the online penalty waiving incentive programme to 1 March 2021.
To qualify for this, a taxpayer must be registered on the ITAS portal as an e-filler and update all due tax returns on all tax types through online submission.
“Once the taxpayer has fulfilled the above conditions, penalties charged on any of the tax account will automatically be waived. That means the taxpayer does not need to make any form of application to have the penalties waived,” the statement read.
No further extension on the incentive programmed will be granted after 1 March 2021, the ministry said.
According to the main budget tabled by finance minister Iipumbu Shiimi on 27 May, government is targeting nearly N$9.6 billion in income tax on individuals in 2020/21 – about N$4 billion or 29% less than the revised estimate for 2019/20.
In 2018/19, state coffers were filled with nearly N$13.59 billion in individual income tax.
More than 10 000 companies which still haven't fully submitted their employee tax returns on the Integrated Tax Administration System (ITAS) portal have compelled the ministry of finance to once again postpone the deadline for the submission of annual individual income tax returns.
The new due date is 1 March 2021.
The chief public relations officer of the ministry, Tonateni Shidhudhu, yesterday told Market Watch the outstanding templates or excel sheets with employee tax returns (ETX) of thousands of companies on the ITAS portal remains a challenge “despite our vigorous campaigns to educate employers” in the process.
The original due date for employers to have uploaded their ETXs on the ITAS was 20 March. Annual individual income tax returns were initially supposed to be submitted by the end of June. However, due to “public demand and effects of Covid-19” the ministry postponed the date to 30 September, according to a statement in June.
The ministry yesterday issued a statement with the new March deadline.
It emphasised that the extension is only for the filing of returns and not for the payment of tax that might be due by the end of September or any other date thereafter.
Training plan
According to Shidhudhu, the ministry is currently “carrying out a training plan for those companies as taxpayers”. “Our target is to ensure that these companies submit their returns by the end of November and the remaining months will be just for cleaning up,” he said.
“It is a serious project that we are embarking on as from now, targeting big institutions that are still struggling,” Shidhudhu said.
The online submission of ETX excel sheets is a prerequisite before annual individual tax returns are filed.
“Information disclosed or declared in individual tax returns is validated against the information submitted by the employers, hence assessments for employees can only be finalised provided their respective employers have submitted monthly employee tax returns excel spread sheets,” Shidhudhu explained.
Incentive scheme
The ministry yesterday also extended the online penalty waiving incentive programme to 1 March 2021.
To qualify for this, a taxpayer must be registered on the ITAS portal as an e-filler and update all due tax returns on all tax types through online submission.
“Once the taxpayer has fulfilled the above conditions, penalties charged on any of the tax account will automatically be waived. That means the taxpayer does not need to make any form of application to have the penalties waived,” the statement read.
No further extension on the incentive programmed will be granted after 1 March 2021, the ministry said.
According to the main budget tabled by finance minister Iipumbu Shiimi on 27 May, government is targeting nearly N$9.6 billion in income tax on individuals in 2020/21 – about N$4 billion or 29% less than the revised estimate for 2019/20.
In 2018/19, state coffers were filled with nearly N$13.59 billion in individual income tax.
Comments
Namibian Sun
No comments have been left on this article