Personal Income Tax Rate 37.00 percent Corporate Tax Rate 32.00 percent Sales Tax Rate 15.00 percent
How is tax calculated on salary in Namibia?
The most straightforward way to calculate the effective tax rate is to divide the income tax expenses by the earnings (or income earned) before taxes. For example, if a company earned $100,000 and paid $25,000 in taxes, the effective tax rate is equal to 25,000 ÷ 100,000 or 0.25.
Do you pay tax in Namibia?
The individual income tax rates in Namibia are progressive to 37%. Residents and non-residents are taxed on all income earned from a Namibian source or deemed source that falls within the tax year which runs from 1 March to 28 February.
What percentage do we pay on income tax?
Tax brackets in 2020 range from 10% to 37%. They increase with each additional bracket.
How do I calculate my monthly tax on my salary?
Total Deductions = Professional tax + EPF (Employee Contribution) + EPF (Employer Contribution) + Employee Insurance. Total Deductions = Rs 2,400 + Rs 21,600 + Rs 21,600 + Rs 3,000 = Rs 48,600. Take-Home Salary = Rs 7,50,000 – Rs 48,600 = Rs 7,01,400.
Is housing allowance taxable in Namibia?
Housing allowance is taxable, however, one-third of it is exempt if the employer has an approved housing scheme; 2. The use of a company car is taxable at 1.5% if all costs are paid by the employer and 1.4% if you as an employee pay the fuel cost.
What is the VAT rate in Namibia?
VAT is a type of tax charged on the supply of goods and services. Its standard rate is 15%, and it’s mandatory for businesses with an annual turnover over $500,000 to register.