If you’re planning on leaving property or assets to your loved ones after you die, it’s important to be aware of the inheritance tax laws in your country. In Namibia, inheritance tax is levied at a rate of 10% on the value of the estate. This means that if the value of your estate is more than N$1 million, your beneficiaries will have to pay inheritance tax on the amount above this threshold. There are some exemptions and reliefs available, so it’s worth speaking to a professional to see if you can reduce the amount of tax payable.

The Basics of Inheritance Tax

An inheritance tax is a tax levied on the estate of a deceased person. The amount of inheritance tax payable depends on the value of the estate and the relationship of the beneficiaries to the deceased. In Namibia, inheritance tax is levied at a rate of 20% on the value of the estate.

How is Inheritance Tax Calculated?

Inheritance tax is a tax levied on the estate of a deceased person. The amount of tax payable is calculated according to a sliding scale, with the amount increasing as the value of the estate increases. The tax is payable by the executor of the estate, and must be paid before any distribution of assets can take place.

In Namibia, inheritance tax is levied at a rate of 10% on estates valued at over N$1 million. For estates valued at less than N$1 million, the tax rate is 5%. There is also a surcharge of 2% on estates valued at over N$10 million.