Niël Terblanché
The Namibia Revenue Agency (NamRA) hosted a well-attended stakeholder engagement session in Walvis Bay where 72 participants discussed the draft Customs Bond Management Policy.
According to a statement issued by NamRa, the session on Tuesday was aimed at gathering feedback and refining the draft policy, which is an important step toward establishing clear guidelines and safeguards within Namibia’s customs industry.
The Customs Bond Management Policy, currently in development, seeks to formalise the requirements for surety bond amounts under the Customs and Excise Act of 1998.
This new policy aims to ensure that bonds are set at reasonable amounts, adequately covering potential risks of non-compliance or non-payment of revenue owed to NamRA by bond operators.
NamRA hopes to create a culture of accountability and transparency within the customs sector, balancing regulatory needs with the interests of bond operators through this initiative.
Stakeholders from various industries attended the session to share their insights and recommendations on the draft policy.
According to the statement, the discussions were constructive and offered NamRA a range of industry perspectives that will be essential in shaping a policy that aligns with the practical needs of bond operators while securing NamRA’s revenue interests.
“By actively involving stakeholders in the policy formation, NamRA demonstrated its commitment to a collaborative and inclusive approach,” the statement reads.
The engagement session in Walvis Bay was the first of many, with similar meetings planned across the country to ensure nationwide industry input.
NamRA said is dedicated to developing a balanced policy that promotes compliance and accountability while supporting the economic interests of Namibia’s customs industry.
