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Personal income tax is applicable to total taxable income of an Individual and all individuals are taxed at progressive marginal rates over a series of income brackets. The tax year runs from 1 March to 28 February. Tax rates for the 2010–2011 to 2012–2013 tax years were as follows: [1]
6.9% (for minimum wage full-time work in 2024: includes 20% flat income tax, of which first 7848€ per year is tax exempt for low-income earners + 2% mandatory pension contribution + 1.6% unemployment insurance paid by employee); excluding social security taxes paid by the employer
In 2024, the government announced in its FY 2024/25 Budget Statement that personal income tax would be lowered, increasing the minimum taxable income from N$50,000 to N$100,000 and reducing taxable income in higher brackets as well. [154]
In 2024, federal income tax rates remain at 10%, 12%, 22%, 24%, 32%, 35%, and 37%. While these rates stay the same for 2025, the income thresholds for each bracket will adjust for inflation.
4 February: President of Namibia Hage Geingob dies at the age of 82. [1] 4 February: Vice-President Nangolo Mbumba is sworn in as 4th President of Namibia; 16 April: Eleven inmates escape from a prison in Katima Mulilo, Zambezi Region. [2] 21 June: A high court rules that two colonial-era laws criminalizing gay sex between men are ...
The Government Gazette, abbreviated GG and referred to as the Gazette, is the official journal of the government of Namibia that contains government agency rules, proposed rules, and public notices. Every bill must be published in terms of Article 56 of the Namibian Constitution in order to acquire the status of an Act of Parliament.
As a result, the distribution of tax burdens and government expenditure benefits is an important economic question to those concerned with the equity of the fiscal system. When the economic incidence of taxation is combined with the economic incidence of government expenditures, the result is a measure of the overall increase or decrease in ...
Namibia also is addressing the sensitive issue of agrarian land reform in a pragmatic manner. However, the government runs and owns a number of companies such as TransNamib and NamPost, most of which need frequent financial assistance to stay afloat. [13] [14] The country's sophisticated formal economy is based on capital-intensive industry and ...