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Namibia 2022/23 Budget Statement Delivered — Orbitax Tax News & Alerts

Namibia's Ministry of Finance has published the 2022/23 Budget Statement delivered by Minister Iipumbu Shiimi on 24 February 2022. Regarding Tax Policy and Administration, the Minister notes that a decision has been made to delay the implementation and/or announcement of any tax proposals that could stifle economic recovery. Accordingly, only the implementation of measures that could potentially provide some relief to taxpayers is being advanced, which include the following as outlined in the statement:

  • The Government continues to explore options to reduce the non-mining company tax;
  • The Income Tax Amendment Bill is undergoing consultations, including proposals for increasing the deductibility of pension fund contributions and educational policy deductions to a maximum of NAD 150,000, and enforcing the administration of withholding tax on services by requiring taxpayers to provide proof of actual tax withheld from payments;
  • The Value Added Tax Amendment Bill is undergoing consultations, including a proposal to incorporate zero-rating on the supply of sanitary pads; and
  • In place of the tax relief programme that ended on 31 January 2022, a modified Electronic Filing Tax Relief Programme will be introduced for a period of 12 months to offer relief to taxpayers by writing off a percentage of the interest and penalties owed as tax arrears to NamRA and to promote the online filing of tax returns and general usage of the Integrated Tax Administration System (ITAS).

Click the following link for more information on the 2022/23 Budget. Further details on the implementation of the measures will be published once available.