Ministries implored to address business rescue bottlenecks

Cabinet has directed the ministries of trade, finance, justice and urban and rural development to address shortcomings owing to the implementation of the Business Rescue Task Force&#039;s (BRTF) recommendations where implementation is lacking. This directive follows the issuance of the 13th Cabinet Decisions, announced this week by deputy information minister Modestus Amutse“Cabinet directed [these] ministries to institute measures to address the challenges experienced in the implementation of the recommendations of the BRTF,” the announcement read. “Cabinet took note of the information and the progress achieved to date with the implementation of the BRTF recommendations, such as the drafting of the new Namibia business law, the enactment of the Banking Institutions Act, and the creation of a pro-business environment and developing new markets,” it added.The ministries of trade, finance and justice - among others - were also instructed to develop measures to ensure the challenges experienced with regards to implementing the BRTF&#039;s recommendations were mitigated. RecommendationsThe task force wants a restriction preventing the government from doing business that directly competes with the private sector. There are also calls to establish a collateral registry to enable businesses to use movable assets as collateral.Meanwhile, following the mushrooming of fuel retail sites across the country, the task force called for a moratorium on the issuing of new fuel wholesale and retail licences.This, it said, “[is] to stop the effect of the proliferation of fuel outlets in view of shrinking national volumes and absence of scientific margin adjustments. It is important that an immediate moratorium be placed on the construction, development and licencing of any further fuel outlets".Another recommendation is for the Namibian Revenue Agency (NamRA) to accelerate Value-Added Tax (VAT) refunds as well as to consider increasing the turnover threshold for mandatory VAT registration from N$500 000 per annum to at least N$1 000 000 per annum in order to lessen the administration burden.The BRTF also recommended that the Social Security Commission consider relaunching the stimulus package for employers and employees because “many businesses were excluded from participation”.Cabinet in August 2022 approved the recommendations from the task force, commissioned by late president Hage Geingob.

Ministries implored to address business rescue bottlenecks

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Ministries implored to address business rescue bottlenecks

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