How Much Is Tax In Namibia?

Tax is a compulsory contribution to the state revenue, levied by a government on individual income, profits gained by businesses, transactions, and the cost of goods and services.

Income Tax is a type of tax levied by the government on income generated by businesses and individuals within their regime.

Taxable income is the total amount of income from all sources less tax exemption and allowable deductions.

Calculation Of Taxable Income

Gross Income – Tax Exemption – Allowable Deduction

Gross Income

The total amount in cash or otherwise, accrued to any individual or person or deemed to be within the country excluding receipt of capital nature.

Tax Exemption

An Income Tax Act provides for certain amounts to be specifically exempt from income tax.

Allowable Deductions

The Income Tax Act provides for certain expenditures and losses incurred to generate income to be deducted, provided that these expenses are not personal domestic expenses or of a capital nature. Apportionment should be considered when expenses are incurred to generate both taxable income and exempt income.

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How Much Is Tax In Namibia

The country Namibia has a source-based tax system. Any income gained or generated from a source within Namibia or deemed to be within Namibia will be subject to tax in Namibia, unless a specific exemption is available.

Personal Income Tax Rates In Namibia

Tax Percentages In Namibia

Withholding Taxes = 10%

Dividend = 10%(R) and 20%(NR)

Interest = 10%

Royalties = 10%

Services = 10%(R) and 25%(NR)