What is Taxation?

The most basic types of taxes are charges for certain activities and the proceeds of these charges are given back to the public through government funding, such as tuition and school expenses. Income tax is just one type of levy under this umbrella.

The average salary in Namibia for tax managers is about 24,800 NAD per month. It’s important to note that salaries are relatively low compared to other countries and can vary based on many factors.

How much must you earn to pay tax in Namibia?

An individual makes N$ 40, 000 or more and gets an income of “N$ 5, 000 or more every month” in a year. Any voluntary financial dealings that benefit a person who is still able to work and lay out cash for necessities must be declared on an annual form.

How much is income tax in Namibia?

The Personal Income Tax Rate in Namibia stands at 37 percent. source: Inland Revenue Department.

Is medical aid tax deductible in Namibia?

If a company pays contributions to their medical aid, these can only be used to reduce actual expenses. Employees will not be able to deduct these from their income tax returns.

Is foreign income taxable in Namibia?

In Namibia, only nationals have to pay income tax. Foreigners are taxed solely on the income that they generated within Namibia.

What is the VAT rate in Namibia in Namibia?

VAT is levied at the standard rate of 15% on most goods and services & imports, but it’s mandatory for a business that has an annual turnover over N$500,000 to register.

How do I claim tax back in Namibia?

• The words “Tax Invoice”
• The seller’s name and address.
• The seller’s VAT registration number.
• Your name.
• The date of issue of the tax invoice.
• A tax invoice number.
• A full description of the goods purchased.
• The cost of goods excludes 15% VAT.