Namibia: The 2022/23 Mid-Year Budget Review Statement: Government Proposes Tax Relief Measures for Upcoming Budgets
On 25 October 2022, Finance Minister Iipumbu Shiimi presented the Mid-Year Budget Review Statement for the 2022/23 fiscal year to the parliament. Although most of the tax measures presented were announced earlier, the government is taking a gradual approach to implementing them.
Personal income taxation:
–Increasing the tax-free threshold for income tax on individuals from the current NAD 50,000 to NAD 100,000, subject to assessment by the Ministry of Finance and to be confirmed in the upcoming budget statements
–Increasing income tax deduction on the pension fund and educational policy contributions by individuals from NAD 40,000 to NAD 150,000. A bill will be tabled in the parliament in this financial year (FY 2022/23)
More details will be shared once the new Bill has been tabled in parliament.
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