By: Staff Writer
Namibia has incurred potential revenue losses of N$4 billion over a three-year period due to undeclared trade transactions.
This revelation emerged in a joint statement by the Bank of Namibia and the Namibia Revenue Agency (NamRA) during the launch of the Trade Verification System (TVS), set to be officially unveiled on November 17.
The two institutions pointed out that these losses occurred because of system lapses, primarily the absence of mechanisms that could cross-reference trade declarations made through customs and other channels with financial transactions related to those trades.
The Financial Intelligence Centre (FIC) identified irregular outward remittances for non-existent imports, and these findings resulted from investigations conducted by the Public-Private Partnership (PPP) under the FIC.
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