The new measures of the Income Tax Amendment Act of 2024 are meant to create a more competitive tax environment and support economic expansion. Key changes include an adjustment to the tax tables, and raising the tax exemption threshold to N$100,000.

In an era when economic disparities are widening, it is important to critically examine the existing taxation system. Get access to our best features. Get Started. Enable Notifications Browser Extension. Theme: Light Dark Auto. Sunday, July 28, 2024 Set Location. Edition. Home. For You. Local. Blindspot. Subscribe. Subscribe. Login.

Income Tax Amendment Act, 2024 promulgated After a long waiting period, the Namibian President Nangolo Mumbu signed the Income Tax Amendments Act, 2024 into law on 13 September 2024. The changes are outlined in Government Gazette No. 8842 and were published on 16 September 2024.

Minister of Finance and Public Enterprises, Iipumbu Shiimi has announced that government will inject N$646 million directly into taxpayers' pockets. This means all individual taxpayers will be exempted from paying tax on the first N$100 000 per annum, of …

Lobby group Tax Talk Namibia is petitioning the Namibia Revenue Agency (NamRA) to extend the tax amnesty programme that ends this month. The lobby group said while a deadline had been set, the revenue agency has not made an effort to address tax matters of concern. "The tax amnesty programme is ending 31 October 2024.

The budget for 2024-2025, presented 28 February 2024, includes the following tax-related proposals: Reduction of the non-mining company tax rate to 31% effective 1 January …

Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for only N$85 a month.Invest in journalism, invest in democracy –

The new measures of the Income Tax Amendment Act of 2024 are meant to create a more competitive tax environment and support economic expansion. Key changes include an …

productivity of the Namibian tax system in order to assist policy makers to take appropriate measures to deepen and diversify the revenue base. Due to the lack of recent studies on the tax productivity there is a greater need to analyse the adequacy of the tax revenue given a number of changes in the tax brackets, amendments and ...

An increase in the individual income tax threshold from NAD 50,000 to NAD 100,000 from 1 March 2024, along with adjustments in the tax brackets as follows: up to NAD 100,000 - 0% NAD 100,001 to 150,000 - 18%

The Income Tax Amendment Act, that will see Namibians getting tax refunds, has been gazetted. In a statement issued on Saturday, the minister of finance and public enterprises, Iipumbi Shiimi, said it is the responsibility of employers to reimburse employees.

Having a comprehensive understanding of the income tax system in Namibia is vital for individuals earning a monthly salary. By registering as a taxpayer, taking advantage of general deductions, being aware of the taxation of fringe benefits, understanding the individual income tax rates, and remembering the important dates, individuals can ...

Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for only N$85 a month.Invest in journalism, invest in democracy –

The Namibia Revenue Agency (NamRA) says it paid out N$10.4 billion in tax refunds at the end of the 2023-2024 financial year (FY23/24). The national revenue collector collected N$86.9 billion in revenue, a 107.6% achievement from the …

Minister of Finance and Public Enterprises, Iipumbu Shiimi has announced that government will inject N$646 million directly into taxpayers' pockets. This means all individual taxpayers will be exempted from paying tax on the first N$100 …

The Namibia Revenue Agency (NamRA) says it paid out N$10.4 billion in tax refunds at the end of the 2023-2024 financial year (FY23/24). The national revenue collector collected N$86.9 billion in revenue, a 107.6% …

The American people have been paying into a progressive tax system since 1862 and Namibian people also have been paying into a progressive tax system since before independence.

The Namibia Revenue Agency (NamRA) has issued an update on the Mass Tax Refund exercise initiated in December 2023, highlighting both successes and challenges encountered thus far. NamRA spokesperson, Yarukeekuro Ndorokaze in a statement said out of 78,441 tax returns processed, 46,941 refunds totaling N$100.9 million were successfully ...

An increase in the individual income tax threshold from NAD 50,000 to NAD 100,000 from 1 March 2024, along with adjustments in the tax brackets as follows: up to NAD 100,000 - 0% NAD 100,001 to 150,000 - 18%

Media Release - NamRA Provides Update on Mass Tax Refunds Exercise. The Namibia Revenue Agency herewith provides an update on the ongoing Mass Tax Refund exercise that commenced in December 2023, highlighting the positive strides made and the impact on taxpayers as captured below. ... Public Notice - ITAS AND ASYCUDAWorld System …

ECA calls for an inclusive tax system: The United Nations Economic Commission for Africa ... All Namibia News' Post All Namibia News 16,848 followers 1y Report this post ...

The government's revised tax reforms will put N$646 million back in the pockets of taxpayers by exempting all individual taxpayers from paying tax on the first N$100,000 of their income, starting 1 March 2024, an official has said.

Namibians paid N$100 000 and less per year would only enjoy the fruits of the tax exemption announced by minister of finance and public enterprises Iipumbu Shiimi last week in about 90 days' time. The tax breaks include the first N$100 000 earned by …

The Namibia Revenue Agency's (NamRA) tax amnesty programme has generated N$4.3 billion in revenue since its launch in April 2023. According to NamRA's Commissioner Sam Shivute, a total of 128,060 taxpayers participated in the programme, with the majority having already initiated payments. "The programme has so far generated N$4.3 billion in revenue, …

The introduction of the Integrated Tax Administration System (ITAS), which will replace the existing Taxlive legacy system, has been applauded by economist Klaus Schade.ITAS, which...

The Treasury has introduced a bill to amend the Income Tax Act of 1981 aimed at capping interest deductions and limiting tax loss carryforwards to close corporate loopholes.

Namibians paid N$100 000 and less per year would only enjoy the fruits of the tax exemption announced by minister of finance and public enterprises Iipumbu Shiimi last week in about 90 days' time. The tax breaks …

The Treasury has introduced a bill to amend the Income Tax Act of 1981 aimed at capping interest deductions and limiting tax loss carryforwards to close corporate loopholes.

Namibian Tax System Johanna Söderström1 and Marcus Wangel1 Abstract The ability to access the state as a taxpaying citizen is important for the purposes of building trust and reciprocity, voicing grievances and disseminating knowledge, and strengthening tax compliance and transparency. Based on

The government's revised tax reforms will put N$646 million back in the pockets of taxpayers by exempting all individual taxpayers from paying tax on the first N$100,000 of their …