Namibia MOF Presents 2022-23 Mid-Year Budget Review Statement

The Namibian Ministry of Finance Oct. 25 presented the 2022-23 mid-year budget review statement. The budget includes proposed tax measures that would: 1) reduce the non-mining company tax rate to 31 percent for FY 2024-25 and to 30 percent for FY 2025-26; 2) increase the individual income tax threshold to 100,000 (US$5,488) Namibian dollars from 50,000 dollars (US$2,744); 3) increase the tax deductibility of pension fund contributions and educational policy contributions to 150,000 Namibian dollars (US$8,233); 4) set the VAT rate to zero for the supply of sanitary pads; and 5) introduce a tax compliance and enforcement strategy to combat ...