How Much Is Income Tax in Namibia?
What is Income Tax?
An income tax is a tax imposed on individuals or entities in respect of the income or profits earned by them. Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income.
What is an example of an income tax?
For example, somebody earning $30,000 per year may pay 25% of their income compared to those earning $300,000+, who pay 35%. The Financial Times’ glossary of terms has the following definition of income tax: “This is a tax on the earned and unearned income of individuals and trusts.
What is income tax and how does it work?
The payer has to deduct an amount of tax based on the rules prescribed by the income tax department. For instance, An employer will estimate the total annual income of an employee and deduct tax on his Income if his Taxable Income exceeds INR 2,50,000. Tax is deducted based on which tax slab you belong to each year
What is income tax and how does it work?
The payer has to deduct an amount of tax based on the rules prescribed by the income tax department. For instance, An employer will estimate the total annual income of an employee and deduct tax on his Income if his Taxable Income exceeds INR 2,50,000. Tax is deducted based on which tax slab you belong to each year.
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How much is income tax in Namibia?
|
Taxable Income (NAD) |
Base Rate (NAD) |
Percentage % |
|
0 – 50,000 |
0 |
0% (Exempt) |
|
50,001 – 100,000 |
0 |
18 % of the amount exceeding NAD50,000 |
|
100,001 – 300,000 |
9,000+ |
25% of the amount exceeding NAD100,000 |
|
300,001 – 500,000 |
59,000+ |
28% of the amount exceeding NAD300,000 |
|
500,001 – 800,000 |
115,000+ |
30% of the amount exceeding NAD500,000 |
|
800,000 – 1,500,000 |
205,000+ |
32% of the amount exceeding NAD800,000 |
|
Exceeds 1, 500,000 |
429,000+ |
37% of the amount exceeding NAD1,500,000 |