Overview
- Registered regulated entities are required to pay levies as imposed by the Minister of Finance in the Government Gazette Notice.
Imposition of Levies on Namibia Financial Institutions | 239.17 KB
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- Registered regulated entities are required to pay fees for certain services as specified in the respective Acts governing their industry.
| Financial Institution/ Entity | Paragraph Reference to the Government Notice | Levy Base | Rates |
|---|---|---|---|
| Long Term Insurance - Insurer business - Broker business | 3(1) 3(2) | Gross written premiums of Insurer Gross written premiums on behalf of Insurer | 0.41% 0.48% |
| Short Term Insurance - Insurer business - Broker business | 4(2) | Gross written premiums of Insurer | 1.00% 1.09% |
| Underwriters at Lloyds | 5(1) | Gross written premiums on behalf of Insurer | 1.00% |
| Long term and Short term Insurer, Insurance Broker, Re-Insurance broker (Dispensation) | 6(1) | Gross Written Premium taken out of Namibia as brokered by themselves | 1.00% |
| Long term Re-Insurer | 7(1) | Fixed fee of N$125,000 | |
| Short term Re-Insurer | 8(1) | Fixed fee of N$125,000 | |
| Friendly Societies | 9(1) | Total amount of income derived by the friendly society, excluding investment income | 1.40% |
| Medical Aid Funds | 10(1) | Gross contributions received (Income) | 0.14% |
| Pension Funds | 11(1) | Total Assets of the Pension Fund | 0.01% |
| Retirement Annuity Funds | 12(1) | Total Assets of the Retirement Annuity Fund | 0.008% |
| Management companies of unit trust schemes | 13(1) | Total value of the assets managed by the Management company in respect of every unit trust scheme. | 0.042% |
| Unlisted Investment Managers | 14(1) | Total value of the amount drawn down by the Unlisted Investment Manager. | 0.042% |
| Moneylenders and Microlenders | 15(1) | Total value of the loans disbursed during the financial year. | 1.03% |
| Central Securities Depositories | 16(1) | Total value of securities holdings, excluding bills or bonds issued by the Government of the Republic of Namibia. | 0.012% |
| Stock Exchange | 17(1) | Fixed fee of N$850,000 | |
| Stockbrokers | 18(1) | Total value of securities, excluding bills or bonds irrespective of the issuer. | 0.079% |
| Investment Managers | 19(1) | Total value of the assets controlled by the Investment Manager. | 0.015% |
| Linked Investments Service Providers | 20(1) | Total value of the assets administered or held in safe custody by the Linked Investment Service Provider. | 0.008% |
| 1 | Long-term Insurance | Short-term Insurance | Capital Markets | Collective Investments | Pension Funds | Friendly Societies | Medical Aid Funds | Microlending |
|---|---|---|---|---|---|---|---|---|
| Application Fees (NAD) | ||||||||
| Application for registration | 200 | 200 | 5 000 | 5 000 | 500 | 50 | 2 000 | |
| Application for change of name | 100 | 100 | 50 | |||||
| Other Fees (NAD) | ||||||||
| Registration fee | 50 | |||||||
| Change of name | 50 | |||||||
| Inspection of Documents and Taking Extracts Therefrom (NAD) | ||||||||
| (a) For inspection of or taking making copies of or taking extracts from any one or more of the following documents relating to any one fund (i) Rules of the fund. (ii) Last revenue account and balance sheet. (iii) Last report by a valuator. (iv)Last statement of assets and liabilities in terms of section 17 of the Act. (v) Any scheme under the provisions of section 18 of the Act. | 50 | 50 | 2 | 5 | ||||
| (b) For any photostatic or double-spaced typewritten copy of or extract from any per single of the documents mentioned in (a) above made by the Registrar, per A4 page or portion thereof | 20 | 20 | 0.50 | |||||
| (c) For authentication by the Registrar of any copy made or extract taken Under (a) or (b) above, per A4 page or portion thereof. | 50 | 50 | 1 | |||||
| (d) For amendment of the rules of a fund, per resolution | 10 | |||||||
| (e) For certifying or confirming that a fund is registered in terms of subsection (3) or (4) of section 4 of the Act or that its name has been changed or its rules amended [except for purposes of item (d)] | 1 | |||||||
| (f) For search fee per fund for service rendered in respect of items (a), (b) or (c) above | 2 | |||||||
| (g) For perusal of documents for the purposes of item (c) above, per A4 page or portion thereof | 1 |
Frequently Asked Questions
Find answers to your most common queries
Who is responsible for creating the levy returns (NAMFISA or is it the Regulated Entity)?
- NAMFISA is responsible for creating the levy returns. The Regulated Entity is responsible for completing the content in the return and submitting it before the due date.
What is the difference between the provisional and final levy returns?
-
Provisional Levy Returns
- First Provisional Levy Payment
- Calculated as % of the levy base (the % and levy base for calculating the levies is different in all industries), in the first six months of the regulated entity’s financial year.
- Second Provisional Levy Payment
- Calculated as % of the levy base (the % and levy base for calculating the levies is different in all industries) for the entire financial year of the regulated entity, minus the levy amount as per the first provisional levy return.
- Final Levy Payment or Refund Claim
- Calculated as as % of the levy base per audited annual financial statements.
- Deduct the total provisional levies already paid for that financial year.
- Payment due if the final levy exceeds the provisional levies.
- Audit and Certification Requirements
- Audited Financials: The Government Gazette require that all Regulated Entities submit audited financial statement together with the Final Levy Returns, 12 months after the Regulated Entity’s financial year. If the amount is not clearly disclosed in the audited annual financial statements, the auditor must confirm the total base amount to the Authority.
- Non-Audited Financials: Where there is no requirement for the entity to produce audited financial statements, the Government Gazette requires that the person managing the business (Applicable to Friendly Societies, Stockbrokers and Microlenders only) must certify that the total levy base amount as reported in the Final Levy Return agrees with the Regulated Entity’s accounting.
What are the due dates for paying levies and submitting the Levy returns?
Levy Payments and Returns Schedule
-
- First Provisional Levy Payments
- Payment Due Date: On or before the 25th day of the month following the end of the first six months of the financial entity’s financial year. Example if the financial year end is 31 March, then its due for payment on or before 25 October.
- Return Submission Due Date: Same as payment due date.
- Second Provisional Levy Payments
- Payment Due Date: On or before the 25th day of the month following the end of the financial institution’s financial year. Example: if the financial year end is 31 March, then its due on or before 25 April.
- Return Submission Due Date: Same as payment due date.
- Final Levy Payments
- Payment Due Date: Within 12 months after the end of the financial institution’s financial year. Example: if the entity financial year end is 31 March 2024, then its Final levy Return is due on or before 31 March 2025.
- Return Submission Due Date: Same as payment due date.
- Adjustment for Weekends and Public Holidays
- If the due date falls on a Sunday or public holiday, the payment and submission are due on the next business day.
What are the supporting documents that should be attached to the levy returns?
-
Provisional Levy Returns Requirements
- Proof of Payment
- Signed Declaration (available on ERS)
- Management Reports
- Proof of Payment (if applicable)
- Signed Declaration (available on ERS)
- The Entity's Financial Reports
- Management Reports
What is the type data to be completed in the each of the levy returns?
-
- First Provisional Levy
- Report: Monthly total levy base for the first six months of the financial year.
- Second Provisional Levy
- Report: Monthly total levy base amount for the last six months of the financial year.
- Final Levy
- Report: Total levy base amount for the financial period as reported in the entity's Annual Financial Statements (AFS) or similar formal reports submitted to stakeholders.
- Note: The total levy base amount entered in the AFS column on the final return should generally correspond to the combined total loans disbursed from the first and second provisional returns, assuming no discrepancies.
What are the consequences of not submitting the returns or submitting the returns late?
-
- Underpayment Penalty
- If the first and second provisional payments are less than 90% of the final levy due, interest is charged on the shortfall.
- Interest Calculation Period: From the second provisional due date to the final levy payment receipt date.
- Rate: 20% per annum.
- Cap: Interest may not exceed the value of the overdue amount.
- Non-Compliance Impact
- Outstanding levy returns and payments will incur late payment interest of 20% for the period outstanding.
- For Microlending entities, outstanding levy returns, and payments will affect license renewal and re-registration applications as well as being subject to late payment interest of 20% for the period outstanding.
- Debt Collection
- Uncollectible debts are handed over to external debt collectors.
- Additional costs incurred are borne by the regulated entities.
What is the procedure to be followed if the Regulated Entity has not started trading yet or have no levy base amount to report during the period?
-
- Provisional Levy Returns
- Where the levy base amount is required, fill the return in with zeros.
- Attach the signed declaration available on ERS.
- Include the entity’s financial records and/ or management reports if applicable
- Final Levy Returns
- Where the levy base amount is required, fill the return in with zeros.
- Attach the signed declaration available on ERS.
- Include the entity’s financial records and management reports if applicable.