Namibia - Budget Speech 2024 - Proposed change to income Tax threshold

Namibia - Budget Speech 2024 - Proposed change to income Tax threshold

The Minister of Finance and Public Enterprises, Honourable Ipumbu Shiimi, tabled the 2024/2025 National Budget during National Assembly on 28 February 2024. The Budget aimed to provide tax relief for taxpayers while still broadening the tax base with policy proposals to improve revenue generation and growth.

The following proposed tax measures affecting payroll announced for Namibia 2024/2025 tax year:
  1. Personal income tax brackets adjustment
  2. The annual tax-free threshold to increase from N$50 000 to N$100 000
  3. All individual taxpayers will be exempt from paying tax on the first N$100 000 of their income


Proposed Personal Income Tax Rates and bracket adjustments:

Annual tax tables for individuals

Taxable income

Rates of tax 2024/2025

N$0 - N$100 000

0%

N$100 001 - N$150 000

18% of the excess over N$100 000

N$150 001 - N$350 000

N$9,000 + 25% of the excess over N$150 000

N$350 001 - N$550 000

N$59,000 + 28% of the excess over N$350 000

N$550 001 - N$850 000

N$115,000 + 30% of the excess over N$550 000

N$850 001 - N$1 550 00

N$205,000 + 32% of the excess over N$850 000

N$1 550 001 and above

N$429,000 + 37% of the excess over N$1 550 000

Please note that these proposed changes are not yet in effect and an Income Tax Amendment Act still needs to be promulgated before we can implement the changes.

The proposed rates are available on Parliament's official website:

Budget Statement for 2024/2025 


We'll keep you updated.

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