Taxation in Namibia
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This is an overview of taxes charged to individuals and companies in Namibia.
Income Tax
[edit]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
[edit]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
[edit]References
[edit]- ^ PAYE12 Volume 18 published by The Ministry of Finance in Namibia
- ^ PWC Namibia 2013 Tax Reference and Rate Card
- ^ "What colour Tax Reform do I need? Blue, Brown or Yellow?". www.namtax.com. Archived from the original on 14 July 2014.
- ^ PWC Namibia 2013 Tax Reference and Rate Card
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