WINDHOEK, March 14 — Namibia Revenue Agency (NamRA) and Bank of Namibia are set to introduce a web-based regulatory system to mitigate the illegal outflow of funds from the country, a statement on Monday said.
The Trade Verification System (TVS) is aimed at reducing illicit financial outflows and will be used as a monitoring capability to reconcile the cross-border transfer of money to the movement of goods into the country, said NamRa spokesperson, Steven Ndorokaze.
The system will be able to identify that the money transferred is the correct amount for the goods entering the country.
“It will also serve as an electronic export monitoring tool to aid in the repatriation of export proceeds and for detection of misclassification of export proceeds,” he said.
According to Ndorokaze, the implementation date is envisaged for October.
“The implementation of TVS amongst others will facilitate the ease of identifying potential perpetrators of illicit outflows by the regulators and provide this intelligence for further investigations and possible conviction as per the various laws,” he said.
Ndorokaze said it is also expected to improve the collection of taxes and levies related to import transactions, thereby reducing tax evasion and tax refund claim fraud since the system will have data against which refund claims may be verified. (Xinhua)
