Taxation 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:PAYE12 Volume 18 published by The Ministry of Finance in Namibia
| class="wikitable" |
| 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:[http://www.pwc.com/na/en/namibia-tax-rate-card/index.jhtml PWC Namibia 2013 Tax Reference and Rate Card]
| class="wikitable" |
| 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.{{cite web |url=http://www.namtax.com/what-colour-tax-reform-do-i-need-blue-brown-or-yellow |title=What colour Tax Reform do I need? Blue, Brown or Yellow? |website=www.namtax.com |url-status=dead |archive-url=https://web.archive.org/web/20140714173241/http://www.namtax.com/what-colour-tax-reform-do-i-need-blue-brown-or-yellow |archive-date=2014-07-14}}
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.[http://www.pwc.com/na/en/namibia-tax-rate-card/index.jhtml PWC Namibia 2013 Tax Reference and Rate Card]
See also
References
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