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:
- Personal
income tax brackets adjustment
- The annual
tax-free threshold to increase from N$50 000 to N$100 000
- 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: