BIPA's Extended its Penalty Waiver Programme
Namibia's Business Community Receives a Boost
Committed in supporting the local business ecosystem, the Namibian Business and Intellectual Property Authority (BIPA) has recently announced a significant extension of its Annual Duty Penalty Waiver Programme. Aimed at providing a financial reprieve for registered businesses, this initiative underscores BIPA's recognition of the challenges faced by businesses, particularly small and medium-sized enterprises (SMEs), in meeting their financial obligations on time.
Summary of the Programme
What is the Programme: The penalty waiver programme is to offer a 100% waiver on penalties for late annual duty submissions, with the aim of building an environment that encourages compliance and financial health among businesses.
Who is eligibile: The programme caters to Companies, Close Corporations, and Section 21 entities that have incurred penalties up to December 2022, provided they settle their Annual Duty principal amounts in full.
What are the Benefits: Eligible entities stand to gain from a complete penalty waiver, along with receiving a BIPA Good Standing Certificate and a statement showing a zero balance, marking their compliance and good financial standing.
Extension Details
BIPA has extended the waiver programme for an additional three months, pushing the deadline to 30 June 2024. This extension is a strategic move to ensure that more businesses can take advantage of the programme, which was initially set to conclude on 31 March 2024.
What actions are required?
Business owners need to be notified and urged to seize this extended opportunity to ensure compliance. Doing so without delay will minimise waiting times as a surge in applications is expected towards the deadline. CIBA members should ensure that their clients are aware and up to date with their returns. Below we provide a template letter you can use to inform your clients and offer your services in assisting to file annual returns.
Inform your clients using CIBA’s Template Letter to clients regarding BIPA
Find a handy template you can send to your clients below.
