BoN and NamRA Launch Trade Verification System

13 December 2023 | Media Release
  In efforts to bolster the efficiency and transparency of trade processes in the country, the Bank of Namibia and the Namibia Revenue Agency today officially launched Namibia’s first Trade Verification System (TVS). This innovative system will see Namibia’s trade landscape step into a new era of efficiency, compliance, and growth.

Launched with the essence, “Where innovation meets opportunity, and where businesses thrive in a connected world”, the TVS, will ensure the trading of goods is verified. In this regard, the TVS is expected to reduce the estimated N$33 billion potential tax-related offenses as estimated by the Financial Intelligence Centre (FIC) in the National Money Laundering, Terrorist and Proliferation Financing (ML/TF/PF) Risk Assessment Report of 2021 are eliminated.