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Taxation in Namibia

From Wikipedia, the free encyclopedia

This is an overview of taxes charged to individuals and companies in Namibia.

Income Tax

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Personal income tax is applicable to total taxable income of an Individual and all individuals are taxed at progressive marginal rates over a series of income brackets. The tax year runs from 1 March to 28 February.

Tax rates for the 2010–2011 to 2012–2013 tax years were as follows:[1]

Taxable amount Rates of tax
Where the taxable amount does not exceed N$40 000 0%
between N$40 001 and N$80 000 27% of the amount by which the taxable amount exceeds N$40 000
between N$80 001 and N$200 000 N$10 800 + 32% of the amount by which the taxable amount exceeds N$80 000
between N$200 001 and N$750 000 N$49200 + 34% of the amount by which the taxable amount exceeds N$200 000
over N$750 000 N$236 200 + 37% of the amount by which the taxable amount exceeds N$750 000

Tax rates proposed for the 2016–2018.

tax year are as follows:[2]

Taxable amount Rates of tax
Where the taxable amount does not exceed N$50 000 0%
between N$50 001 and N$100 000 18% of the amount by which the taxable amount exceeds N$50 000
between N$100 001 and N$300 000 N$9 000 + 25% of the amount by which the taxable amount exceeds N$100 000
between N$300 001 and N$500 000 N$59 000 + 28% of the amount by which the taxable amount exceeds N$300 000
between N$500 001 and N$800 000 N$115 000 + 30% of the amount by which the taxable amount exceeds N$500 000
between N$800 001 and N$1 500 000 N$205 000 + 32% of the amount by which the taxable amount exceeds N$800 000
over N$1 500 000 N$429 000 + 37% of the amount by which the taxable amount exceeds N$1 500 000

Income tax is typically withheld by the employer.

Individuals are responsible for submitting a tax return form to the Receiver of Revenue once a year. Individual taxpayers are categorised into three groups each submitting a different colour tax return. There are brown, blue and yellow forms.[3]

Value Added Tax

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A 15% Value added tax (VAT) is applicable to almost every commodity. Basic commodities like sugar, bread etc. are exempted from VAT.[4]

See also

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References

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  1. ^ PAYE12 Volume 18 published by The Ministry of Finance in Namibia
  2. ^ PWC Namibia 2013 Tax Reference and Rate Card
  3. ^ "What colour Tax Reform do I need? Blue, Brown or Yellow?". www.namtax.com. Archived from the original on 14 July 2014.
  4. ^ PWC Namibia 2013 Tax Reference and Rate Card