Observer – Page 491 – Windhoek Observer

21 Jul

NamRa declares war on tax evasion

ObserverObserver MoneyNamRa declares war on tax evasion, Sam Shivute

Martin Endjala Following numerous failed interventions to sensitise the public to pay their taxes, it has come to the attention of the Namibia Revenue Agency that a number of companies and individuals have been declaring null or zero tax returns, as a result, the agency has declared war to root out tax evasion in the country. The agency’s Commissioner, Sam Shivute revealed yesterday in an exclusive interview during his courtesy visit to President Hage Geingob at state house that they have developed a Tax Law Enforcement Strategy and established a Centralised Investigation Enforcement Unit. The enforcement intervention activities he said…

21 Jul

Lead exposure to Rosh Pinah children probed

ObserverObserver Money

CHAMWE KAIRA The reported exposure of children to lead at Rosh Pinah is being probed by Rosh Pinah Mine new owners, Appian Capital Advisory. The Ministry of Health and Social Services has confirmed cases of chronic lead exposure at Rosh Pinah in the //Kharas region with a number of chronic lead exposure among children. Appian in a response to a query by Observer Money said the company takes these concerning allegations incredibly seriously, having only become aware of them following completion of the acquisition of Rosh Pinah in June. “We are investigating as a matter of urgency and are working…

21 Jul

Local construction firms losing ground

ObserverObserver MoneyLocal construction firms losing ground

CHAMWE KAIRA With local construction firms losing ground to foreign competitors and tenderpreneurs, Simonis Storm Securities said this week that it remains negative on the outlook of the sector’s profitability and contribution to employment going forward. “If local construction companies cannot even participate in the construction of a highway between two small towns in the country, one wonders whether they will be able to participate much in the mega projects planned in the South,” the firm said. Simonis cited the fact that only three Namibian construction companies made the short-list of bidders for the road reconstruction project between Karibib and…

21 Jul

Water, power deficits seen as risks to gold project

ObserverE-Observer, Observer MoneyOsino Resources Corp, power deficits seen as risks to gold project, Water

CHAMWE KAIRA Water and electricity supply have been cited as potential risks that could affect the establishment of a new gold mine in the Erongo Region. The definitive feasibility study of the Twin Hills Gold Project near Karibib has said a key project risk is water supply. In order to mitigate this risk, Osino Resources Corp, the company that plans to build the mine has confirmed the long term supply potential from the nearby aquifers in limestone formations and has begun investigations to construct a small dam on the nearby ephemeral river. Osino is a Canadian gold exploration and development…

21 Jul

BoN staying away from BIPA tiff

ObserverObserver MoneyBoN staying away from BIPA tiff, Integrated Business Registration System (IBRS)

The Bank of Namibia is reportedly to have opted to stay away from the controversy surrounding procurement of the Integrated Business Registration System (IBRS) by the Business and Intellectual Property Authority (BIPA). The central bank is said to be viewing the matter as an internal squabble among BIPA executives on how to implement the system, sources similar with the matter said. The implementing of the system is key if Namibia is to avoid being greylisted by the Financial Action Task Force (FATF) for falling short of certain international standards for combatting money laundering and other serious financial crimes. Sources who…

21 Jul

Nuclear power key to carbon emission targets

ObserverObserver Money

CHAMWE KAIRA The Australian based mining company, Deep Yellow, which is exploring for uranium in Namibia said this week that nuclear power will be key to achieving global carbon emission targets. CEO John Borshoff said this week that a growing number of governments pivot energy strategy are going towards nuclear energy. Deep Yellow has two projects in Namibia, Tumas and Omahola. Borshoff said in terms of uranium production, demand is outstripping supply with existing producers and proposed new mines unable to respond in time and at current prices to meet demand requirements. He added that uranium price will need significant…

21 Jul

Paladin secures six offtake contracts

ObserverObserver MoneyPaladin CEO, Paladin secures six offtake contracts

CHAMWE KAIRA Paladin Energy, which is in the process of restarting the Langer Heinrich uranium mine in the Erongo Region has secured cornerstone offtakes with foundation customers and has six offtake contracts executed with top tier counterparties in the US, Europe and China. Paladin CEO, Ian Purdy said the contract book for 2024 is now closed. “These contracts range in type and duration and provide base-escalated, fixed-price and market related pricing mechanisms. Along with the market-related contract in place with China National Nuclear Corporation (CNNC,) Paladin will retain significant upside exposure to the strengthening uranium market fundamentals. The company is…

21 Jul

Oil, hydrogen projects increase business visitors

ObserverObserver MoneyGreen Hydrogen Commissioner, hydrogen projects increase business visitors, Oil

CHAMWE KAIRA The current oil exploration and green hydrogen projects in the country are increasing the number of business visitors to Namibia. Recent figures show that tourists that entered Namibia for business purposes increased their share of the market to 17.3%, while leisure tourist constituted 80.4% of the market and 1.38% of visitors came for conferences in June. Presidential economic adviser and Green Hydrogen Commissioner, Office of the President of Namibia, James Mnyupe in an interview early this month disclosed that Namibian Synthetic Fuel Industry Strategy estimated that more than 184 000 direct jobs could be created by 2040, up…

21 Jul

Rebuild passenger confidence in checked baggage

ObserverObserver MoneyRebuild passenger confidence in checked baggage, SITA Baggage IT

Recently, I was on a flight that was severely delayed with most passengers trying to bring their luggage into the cabin. There was simply no space on board. The flight ended up leaving more than an hour late. No doubt fears of their bags being misplaced or long delays waiting at the baggage carousel were weighing heavily on most passengers’ minds. They no longer felt confident checking their baggage. What are the numbers telling us? Data from the latest SITA Baggage IT Insights report confirms a spike in baggage mishandling emerging from the pandemic. The latest data from IATA shows…

21 Jul

Fishing sector only accounts for 12% of tax revenue

ObserverMainCommissioner Sam Shivute, Fishing sector only accounts for 12% of tax revenue

Martin Endjala The Namibia Revenue Agency has expressed its concern towards the fishing industry, following alarming statistics that indicate that the sector only contributes 12 percent of tax revenue compared to other industries. Currently, the Mining sector contributes 22 percent of tax revenue, with Debmarine amongst the top ten contributors with three billion Namibian Dollars, followed by B2Gold and Namdeb. The three The Fishing sector is regarded as one of Namibia’s largest industries in terms of generated GDP for the country, however, NamRa’s Commissioner Sam Shivute said he is concerned about the manner in which the industry is currently operating…