Taxation in Namibia
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 N40ドル 000 | 0% |
| between N40ドル 001 and N80ドル 000 | 27% of the amount by which the taxable amount exceeds N40ドル 000 |
| between N80ドル 001 and N200ドル 000 | N10ドル 800 + 32% of the amount by which the taxable amount exceeds N80ドル 000 |
| between N200ドル 001 and N750ドル 000 | N49200ドル + 34% of the amount by which the taxable amount exceeds N200ドル 000 |
| over N750ドル 000 | N236ドル 200 + 37% of the amount by which the taxable amount exceeds N750ドル 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 N50ドル 000 | 0% |
| between N50ドル 001 and N100ドル 000 | 18% of the amount by which the taxable amount exceeds N50ドル 000 |
| between N100ドル 001 and N300ドル 000 | N9ドル 000 + 25% of the amount by which the taxable amount exceeds N100ドル 000 |
| between N300ドル 001 and N500ドル 000 | N59ドル 000 + 28% of the amount by which the taxable amount exceeds N300ドル 000 |
| between N500ドル 001 and N800ドル 000 | N115ドル 000 + 30% of the amount by which the taxable amount exceeds N500ドル 000 |
| between N800ドル 001 and N1ドル 500 000 | N205ドル 000 + 32% of the amount by which the taxable amount exceeds N800ドル 000 |
| over N1ドル 500 000 | N429ドル 000 + 37% of the amount by which the taxable amount exceeds N1ドル 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
