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Taxation In Namibia
This is an overview of taxes charged to individuals and companies in Namibia. Income Tax 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: Tax rates proposed for the 2016–2018. tax year are as follows: Income tax is typically withheld by the employer. Individuals are responsible for submitting a tax return form to the Receiver of Revenue once a year. Individual taxpayers are categorised into three groups each submitting a different colour tax return. There are brown, blue and yellow forms. Value Added Tax A 15% Value added tax A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is s ...
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Namibia
Namibia, officially the Republic of Namibia, is a country on the west coast of Southern Africa. Its borders include the Atlantic Ocean to the west, Angola and Zambia to the north, Botswana to the east and South Africa to the south; in the northeast, approximating a quadripoint, Zimbabwe lies less than 200 metres (660 feet) away along the Zambezi, Zambezi River near Kazungula, Zambia. Namibia's capital and largest city is Windhoek. Namibia is the driest country in sub-Saharan Africa, and has been inhabited since prehistoric times by the Khoekhoe, Khoi, San people, San, Damara people, Damara and Nama people. Around the 14th century, immigration, immigrating Bantu peoples arrived as part of the Bantu expansion. From 1600 the Ovambo people#History, Ovambo formed kingdoms, such as Ondonga and Oukwanyama. In 1884, the German Empire established rule over most of the territory, forming a colony known as German South West Africa. Between 1904 and 1908, German troops waged a punitive ...
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Income Tax
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income. The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the first $10,000 of income taxed at 0%, the next $10,000 taxed at 1%, etc.). Most jurisdictions exempt local charitable organizations from tax. Income from investments may be taxed at different (generally lower) rates than other types of income. Credits of various sorts may be allowed that reduce tax. Some jurisdictio ...
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Value Added Tax
A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax. VAT is an indirect tax, because the consumer who ultimately bears the burden of the tax is not the entity that pays it. Specific goods and services are typically exempted in various jurisdictions. Products exported to other countries are typically exempted from the tax, typically via a rebate to the exporter. VAT is usually implemented as a destination-based tax, where the tax rate is based on the location of the customer. VAT raises about a fifth of total tax revenues worldwide and among the members of the Organisation for Economic Co-operation and Development (OECD). As of January 2025, 175 of the 193 countries with UN membership employ a VAT, including all OECD members except the United States. History German indust ...
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Economy Of Namibia
The economy of Namibia has a modern market sector, which produces most of the country's wealth, and a traditional subsistence sector. Although the majority of the population engages in subsistence agriculture and herding, Namibia has more than 200,000 skilled workers and a considerable number of well-trained professionals and managerials. Overview Namibia is a higher-middle-income country with an annual GDP per capita of N$79,431 in 2022, but has extreme inequalities in income distribution and standard of living. It has the second-highest Gini coefficient out of all nations, with a coefficient of 59.1 as of 2015. Only South Africa has a higher Gini coefficient. However, this statistic may be misleading, as many Namibians in rural areas such as the northern regions do not live on the monetary system are self-sustainable with agriculture and farming. Since independence, the Politics of Namibia, Namibian Government has pursued free-market economic principles designed to promote co ...
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