Namibia Adjusts Income Tax Brackets for 2024-25 Tax Year

Namibia’s income tax brackets were adjusted retroactively to the start of its 2024-25 tax year March 1 in an act signed Sept. 13.

The Income Tax Amendment Act, 2024, increases the tax-free amount of annual income to N$100,000 (US$5,685.05), instead of N$50,000. The thresholds separating all other income tax brackets also increased by N$50,000 each, so that the highest 37% bracket starts at N$1,550,000 instead of N$1.5 million.

Since the act took effect retroactively to March 1, Minister of Finance and Public Enterprises Ipumbu Shiimbi told the National Assembly on Sept. 17 that the Namibia Revenue Agency would direct ...