By Hilary Mare
THE National Assembly last Thursday passed the Namibia Special Risks Insurance Association (NASRIA) and the Namibia Revenue Agency (NAMRA) Bills.
Affirming this, Finance Minister Calle Schlettwein said that he expected the Bills to be signed into law, in due course.
The NASRIA could be converted from an association into a public company, once the Namibia Special Risks Insurance Association Bill of 2016 becomes law.
Established in 1987, the NASRIA is the only Namibian insurance company that provides cover against damage to property and consequential loss caused by riot or civil commotion, strikes, lockouts and labour disturbances, amongst others.
As a public company, the board of directors will be appointed to be responsible for the governance and the system of internal control. The company will also be required to comply with the provisions of the Public Enterprises Act 2015 and the regulatory requirements of the Namibia Financial Institutions Supervisory Authority (Namfisa).
Speaking specifically about the NAMRA Bill at a general staff meeting at the Finance Ministry last Friday, Schlettwein said: “This is a milestone in our tax administration reform agenda. The Bill will now be referred to the House of Review (National Council). In the meantime, the task team on the establishment of the Revenue Agency should proactively work to finalise the transitional activities and share information with our staff as this process unveils. We aim for a seamless transition. Day one of the agency is expected to be in 2018, once the budget process and transitional arrangements are finalised.”
Schlettwein also noted that other policy and legislative changes that the ministry plans to table in parliament during the September session are in respect of several financial sector laws under Namfisa and Bank of Namibia.
“As you are aware the Public-Private Partnership Act and the Public Procurement Act are now under implementation. We need to ensure that the administrative structures are efficient, to realise the indented results of these core structural policy reforms. Let me take this opportunity to thank the Central Procurement Board for the active execution of its mandate, since the transition from the Tender Board of Namibia.
“We have also taken active steps on legislative reforms, aimed at creating a conducive business environment and elevating the role of the financial sector in the economy. The One-Stop-Border Post and Usury Amendment Bills are passed by the National Assembly,” the minister said.
He went to say that the Asset Management Policy is key to providing a framework for better managing the State assets, adding that the finalisation of this policy should not be delayed any further.
“In the sphere of macroeconomic policy, the current state of the economy requires us to plan well ahead and monitor the developments on a timely basis, in order to guide policy implementation and strategy adjustment.
“These legislative revisions are important steps in contributing to how the ministry brings about efficiency gains and effective service delivery to the public, as well as the overall improvement in public finance management,” Schlettwein added.
Confidente. Lifting the Lid. Copyright © 2015