INSIGHTS – NEWS
Namibian Budget 2022/23
On 24 February 2022, Finance Minister Iipumbu Shiimi tabled the 2022/23 Budget Speech in Parliament. There are no significant tax amendments, and no changes were announced on the individual tax rates.
Tax policy and administration
The following were however proposed and are still in progress:
- a possible reduction of the non-mining corporate tax rate over the Medium-Term Expenditure Framework (MTEF);
- an increase from N$40,000 to N$150,000 in the tax deductibility of contributions made to a pension fund and educational policy;
- no mention was made to previous proposed changes with regards to With Holding Tax on local dividends;
- sanitary pads to be zero-rated for Value Added Tax; and
- the process for the creation of a Tax Policy Unit within NamRA has commenced.
Tax relief program
The Minister announced yet another “modified” ITAS tax relief program to be introduced for another twelve months. No effective date or further information has been made available yet. Closely monitor the website for further details once announced.
Auditing and Assurance
29 Feld Street, Windhoek, Namibia
Monday - Thursday - 07:30 to 17:00
Friday - 07:30 to 13:30
Ask an Expert Now