Credit Agreements Act 75 Of 1980 Namibia

16 Sep

7. Where goods are taken back in possession under a credit agreement, the withdrawal shall be considered to be the supply of the goods by the debtor under the credit agreement to the person exercising the right of withdrawal and if that debtor is a registered person, the supply shall be deemed to have been made in the course of the debtor`s taxable activity, except: these assets were not part of the assets held by the debtor. or used by the debtor in the course of the taxable activity. The Credit Agreements Act regulates certain transactions in which movable property is leased or purchased on credit or certain services are provided on credit and sets limits on the amount of deposits to be paid and the repayment period of selected credit or credit sale transactions. The Namibian Credit Agreements Act 75 of 1980 (Credit Agreements Act) has recently undergoen substantial amendments. Amendments to the Credit Agreement Amendment Act 3 of 2016 came into force on 1 August 2016. The Credit Agreements Act regulates certain transactions in which movable property is leased or purchased on credit or certain services are provided on credit and sets limits on the amount of deposits to be paid and the repayment period of selected credit or credit sale transactions. The Amending Act was enacted in order to reduce in general credit transactions carried out by ordinary Namibian citizens, many of whom live beyond their financial possibilities and thus incur debts with credit agreements. it seeks to do so by changing (i) the definition of leasing; (ii) the application of the file; and (iii) possible sanctions for violations. The Amending Act was enacted in order to reduce in general credit transactions carried out by ordinary Namibian citizens, many of whom live beyond their financial possibilities and thus incur debts with credit agreements. it seeks to do so by changing (i) the definition of leasing; (ii) the application of the file; and (iii) possible sanctions for violations. (ii) the granting of the use or right to use property (with or without driver, pilot, crew or operator) under a lease, credit agreement, contract of carriage, charter or other contract under which such use or right of use is granted; or exported from Namibia, in respect of movable property supplied by a person registered under a contract of sale or credit, means – in addition, whereas the Credit Agreements Act previously excluded from the definition of “leasing” agreements in which the debtor became the owner or retained the ownership or use of the goods, the amending law expressly excludes these types of credit agreements in the definition. .

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