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.

    • Related Articles

    • Gambia | Budget Speech 2025 - Proposed change to the Income Tax threshold

      The Minister of Finance and Economic Affairs, Honourable Seedy K.M. Keita, presented the 2025 National Budget during the National Assembly on 13 December 2024. During the budget speech, it was proposed to revise the tax-free threshold for personal ...

    • 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 ...

    • Botswana | Budget Speech 2025 – Proposed Change to the Highest Personal Income Tax Bracket

      The Minister of Finance, Ndaba Nkosinathi Gaolathe, delivered the 2025/2026 National Budget in the National Assembly on 10 February 2025. During the speech, a proposal was made to increase the personal income tax rate for the highest bracket by 1.5%, ...

    • Lesotho Budget Speech 2025

      On 19 February 2025, the Minister of Finance and Development Planning of Lesotho delivered the Budget Speech for the 2025/2026 fiscal year. During the speech, the following payroll-related proposals were announced: The minimum income tax threshold ...

    • Namibia | Income Tax Amendment Act, 2024 Promulgated

      The Income Tax Amendment Act, 2024 was approved by Parliament and published in Government Gazette 8442 on 16 September 2024. The updated tax rates, detailed in paragraph 1 of Schedule 4 to the Income Tax Act, 1981, will be effective starting 1 March ...