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This is an overview of taxes charged to individuals and companies in Namibia. ... Tax rates for the 2010–2011 to 2012–2013 tax years were as follows: [1]
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
All individuals are taxed at progressive marginal rates over a series of income brackets. Tax in Namibia is less than South African tax at monthly incomes greater than N$58,754, with the country's effective tax rates typically plateauing at a maximum of 30.8% while South Africa's plateaus at 37.4%. [149]
For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. [2] Tax revenue refers to compulsory transfers to the central government for public purposes.
Namibia is heavily dependent on the extraction and processing of minerals for export. Taxes and royalties from mining account for 25% of its revenue. [19] The bulk of the revenue is created by diamond mining, which made up 7.2% of the 9.5% that mining contributes to Namibia's GDP in 2011. [20]
An employee's salary is normally paid in Namibian dollars, which is the local currency and income tax (maximum rate is 37% and is based on different income slabs) is deducted by the employer. One Namibian dollar (NAD) is always equal to one South African rand (ZAR).
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Flat tax, an income tax where everyone pays the same tax rate. Gift tax, a tax on gifts given (generally paid by the person making the gift, not by the recipient). Gross receipts tax, a tax on revenues received by a corporation, even if they don't profit. Hall–Rabushka flat tax, a flat tax on income that excludes investments.