Namibia MOF Presents 2024-25 Budget Statement

The Namibian Ministry of Finance & Public Enterprises Feb. 28 presented the 2024-25 Budget Statement. The budget includes measures to: 1) increase the individual income tax exemption threshold to 100,000 Namibian dollars (US$5,334) from 50,000 dollars (US$2,667), from March 1, and set brackets; 2) provide an exemption for digital nomads; 3) introduce a 10 percent dividend tax for fiscal year 2026-27; 4) introduce a Special Economic Zones (SEZ) regime with a 20 percent corporate income tax rate, zero percent VAT; 5) reduce the non-mining company tax rate to 31 percent on Jan. 1, 2024, 30 percent on Jan. 1, 2025, ...