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Taxation in Namibia

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Title: Taxation in Namibia  
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Taxation in Namibia

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

Contents

  • Income Tax 1
  • Value Added Tax 2
  • See also 3
  • References 4

Income Tax

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 2013/2014 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$ 200 000
between N$ 500 001 and N$ 800 000 N$ 115 000 + 30% of the amount by which the taxable amount exceeds N$ 200 000
between N$ 800 001 and N$ 1 500 000 N$ 205 000 + 32% of the amount by which the taxable amount exceeds N$ 200 000
over N$ 1 500 000 N$ 429 000 + 37% of the amount by which the taxable amount exceeds N$ 750 000

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]

Since 2014 taxpayers can use an online wizard to help prepare the blue tax form[4]

Value Added Tax

A 15% Value added tax (VAT) is applicable to almost every commodity. Basic commodities like sugar, bread etc. are exempted from VAT.[5]

See also

References

  1. ^ PAYE12 Volume 18 published by The Ministry of Finance in Namibia
  2. ^ PWC Namibia 2013 Tax Reference and Rate Card
  3. ^ http://www.namtax.com/what-colour-tax-reform-do-i-need-blue-brown-or-yellow
  4. ^ http://www.namtax.com
  5. ^ PWC Namibia 2013 Tax Reference and Rate Card


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