Bipa to waive N$275m in penalties

The Business and Intellectual Property Authority (Bipa) says it could potentially waive N$275 million in penalties by businesses from 2012 to 2022.

This forms part of of the launch of Bipa’s Annual Duty Penalty Waiver Programme, effective from 15 November.

This initiative aims to alleviate the financial burden on business entities by waiving penalties and additional fees accrued due to non-payment of annual duties.

However, the N$275 million could potentially be waived if all non-compliant registered businesses opt to participate in the programme.

To be eligible, businesses are required to fulfil specific conditions, including applying for the programme and settling their outstanding capital amounts for each year of non-compliance.

Bipa’s chief executive, Vivienne Katjiuongua, in a statement yesterday said Bipa’s primary objective is to ensure that businesses are able to restore their dream of building competitive Namibian businesses.

This would inspire a culture of innovation, economic resilience and compliance.

Registered business entities are obliged to submit an annual return and pay associated duties to the Registrar of Business and Intellectual Property.

The company says it recognises that some business owners may not have been aware of these post-registration obligations, and as such these businesses continued to incur penalties for non-compliance, hence the introduction of the waiver programme.

The waiver programme was approved by Bipa’s board of directors and has been endorsed by the Cabinet.

Its primary objective of providing relief to business entities aligns with the government’s commitment to stimulate the local economy.

The programme is scheduled to run for a period of six months, commencing on 15 November, and concluding on 31 March 2024.

Bipa will announce outreach to various regions in due course.

Participating businesses would now be able to amend their enterprises, something not previously allowed when they had outstanding duties and penalties.

Additionally, they will receive a Bipa good standing certificate upon application and payment processing.

This certificate will enable businesses to submit their good standing status along with other mandatory documents when participating in public procurement bids.

“Another advantage for participating businesses is the ability to attract both domestic and foreign investors. Investors often conduct due diligence on Namibian businesses, including an assessment of their level of compliance with their post-registration obligations,” Katjiuongua said.

To have their penalties waived, businesses must pay their capital amounts for each year of non-payment, with specific amounts depending on the year and business type, including additional fees for submission.

“We are confident that this waiver programme will have a profoundly positive impact on the Namibian business sector. It presents businesses with a unique opportunity to reset and ensure future compliance,” she said.