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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Taxation in Africa
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Sovereign states
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States with limited
recognition
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Dependencies and
other territories
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