What is the current Namibian tax rate for companies in 2021?
The Namibian corporate tax rate is expected to reach 32% by the end of 2020, according to Trading Economy’s global macro models.
Based on our exponential econometric models, we see that the Namibia Corporate Tax Rate will trend towards 32% in 2021.
Who must pay tax in Namibia?
An individual is liable to pay tax in South Africa if they earn more than N$40 000 per annum that isn’t only salary. You should register for income tax if you work and make earnings of more than N$5 000 per month that are not just enterprise funds.
What is the applicable tax rate in Namibia?
The term “Applicable Tax Rate” means, with respect to a tax year, the highest combined federal, state, and local income tax rate applicable to a corporation in a state.
Is a bonus taxable in Namibia?
Bonuses are paid out evenly throughout the year and take the company car with them. The employer is responsible – they are not allowed to claim more than what they billed to the company upfront but for maintenance and petrol costs, i.e. the taxable benefit will be 18 per cent of the cost of the car per annum.
Are donations tax-deductible in Namibia?
Donations are deductible only if made to a registered charity or educational institution. This deduction will not create a tax loss.