This is an overview of taxes charged to individuals and companies in Namibia.
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This is an overview of taxes charged to individuals and companies in Namibia.
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]
A 15% Value added tax (VAT) is applicable to almost every commodity. Basic commodities like sugar, bread etc. are exempted from VAT. [4]
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