If you’re an employee working in Namibia, you know that part of your salary gets docked to pay taxes. How much tax do you pay on your salary? The short answer is that it depends on your tax bracket, which depends on your gross income and personal circumstances. If you have dependents and have reached the age of 18, you will likely be taxed at a different rate than someone who has no dependents and hasn’t yet reached the age of 65, as this guide to Namibian salary taxes will explain in greater detail.

Income taxes in Namibia

Income tax is a progressive tax imposed on the income of individuals and companies. The amount of tax you pay depends upon your net taxable income. Income from dividends, interest and rental property are taxed at 15%. There is no capital gains tax for taxpayers who reside in Namibia. The standard rate for corporate income tax is 25% with a 50% surcharge for companies that do not reinvest their profits within the country.

Deductions from your salary

The amount of tax you pay will depend on your income bracket. The tax brackets are split into three sections: low, middle, and high earners. It’s important to know what bracket you fall into so that you can calculate the correct amount of taxes to be paid.