Namibia: Budget speech 2022
On the 24th of February Minister Iipumbu Shiimi concluded his 2022/2023 National Budget Speech.
This year’s budget
theme is “Reimaging, a Better Future for the Youth”, in resonance with the
theme of the year 2022 as announced by His Excellency President Hage Geingob.
The Income Tax Amendment Bill is
currently undergoing public consultations. This includes proposals for the
deductibility on pension fund contributions and educational policy deductions
to a maximum of N$150,000.00 and enforcing the administration of withholding
tax on services by requiring taxpayers to provide proof of actual tax withheld
from payments.
The effective date for the proposed change has not yet been announced.
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