Scrutinize the statements below and indicate True or False with the support of a brief reason.

1. Sec 1 (viii) of the Act defines a domestic company as a Namibian company which is managed and controlled in Namibia.

2. The current tax rate for Close corporations in Namibia is 37.5%.

3. In terms of the definition of a company, a close corporation is also regarded by the Act as a company for tax purposes.

4. A company that registers as a Private Company i.e. (Pty) Limited, will always stay a private company for tax purposes.

5. Public companies are defined by the income tax act are as follows: If a company is quoted on a Stock Exchange, the general public interest > 50% whereas if a company is not quoted on a Stock Exchange, then the general public interest > 40%

6. Directors of the company and their relatives are included in general public.

7. Tax avoidance is a criminal act and it is prohibited by the Income Tax Act.

8. Tax evasion is illegal

9. Appreciation in value of units of a unit trust can be included in gross income.

10. Provisional tax payments can be based on the total actual taxable income for the current year