This is an overview of
tax
A tax is a mandatory financial charge or levy imposed on an individual or legal entity by a governmental organization to support government spending and public expenditures collectively or to regulate and reduce negative externalities. Tax co ...
es charged to individuals and companies in
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 no ...
.
Income Tax
Personal
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. 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 similar to, and is often compared wi ...
(VAT) is applicable to almost every commodity. Basic commodities like sugar, bread etc. are exempted from VAT.
PWC Namibia 2013 Tax Reference and Rate Card
/ref>
See also
* Cost of Living in Namibia
* Economy of Namibia
References
Economy of Namibia
{{Namibia-stub