Taxation in Namibia

Taxation

An aspect of fiscal policy
Policies Government revenue Tax revenue Non-tax revenue Tax law Tax bracket Tax threshold Exemption Credit Deduction Tax shift Tax cut Tax holiday Tax advantage Tax incentive Tax reform Tax harmonization Tax competition Double taxation Representation Unions Medical savings account Tax, tariff and trade
Economics Price effect Excess burden Tax incidence Laffer curve Optimal tax Theory Optimal capital income taxation
Collection Revenue service Revenue stamp Tax assessment Taxable income Tax lien Tax refund Tax shield Tax residence Tax preparation Tax investigation Tax shelter Private tax collection Tax farming
Noncompliance Tax avoidance Tax evasion Tax resistance Tax haven Smuggling Black market Transfer mispricing Unreported employment Tax shelter
Distribution Tax rate Progressive Regressive Proportional
Types Direct Indirect Per unit Ad valorem In rem Capital gains Carbon Consumption Dividend Ecotax Excise Fuel Georgist Gift Gross receipts Income Inheritance (estate) Land value Payroll Pigovian Property Sales Sin Single Stamp Steering Turnover Value-added (VAT) Corporate profit Excess profits Windfall profits Negative (income) Flat Wealth
International Financial transaction tax Currency transaction tax Tobin tax Spahn tax Tax equalization Tax treaty European Union FTT
Trade Custom Duty Tariff Import Export Tariff war Free trade Free trade zone Trade agreement
Religious Church tax Eight per thousand Teind Tithe Fiscus Judaicus Leibzoll Temple tax Tolerance tax Jizya Kharaj Khums Nisab Zakat
By country List of countries by tax rates Tax revenues as %GDP Albania Algeria Argentina Australia Azerbaijan Bangladesh Bhutan Bulgaria Canada China Colombia France Germany Greece Iceland India Indonesia Iran Ireland Israel Italy Japan Kazakhstan Lithuania Malta Namibia Netherlands New Zealand Norway Pakistan Palestinian territories Peru Philippines Poland Russia Singapore South Africa Sweden Switzerland Tanzania United Kingdom United States Uruguay

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

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]

References

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

Taxation in Africa

Sovereign states	Algeria Angola Benin Botswana Burkina Faso Burundi Cameroon Cape Verde Central African Republic Chad Comoros Democratic Republic of the Congo Republic of the Congo Djibouti Egypt Equatorial Guinea Eritrea Ethiopia Gabon The Gambia Ghana Guinea Guinea-Bissau Ivory Coast (Côte d'Ivoire) Kenya Lesotho Liberia Libya Madagascar Malawi Mali Mauritania Mauritius Morocco Mozambique Namibia Niger Nigeria Rwanda São Tomé and Príncipe Senegal Seychelles Sierra Leone Somalia South Africa South Sudan Sudan Swaziland Tanzania Togo Tunisia Uganda Zambia Zimbabwe

States with limited recognition	Sahrawi Arab Democratic Republic Somaliland

Dependencies and other territories	Canary Islands / Ceuta / Melilla / Plazas de soberanía (Spain) Madeira (Portugal) Mayotte / Réunion (France) Saint Helena / Ascension Island / Tristan da Cunha (United Kingdom)

This article is issued from Wikipedia - version of the Sunday, August 09, 2015. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.

Taxation in Namibia

Income Tax

Value Added Tax

See also

References