What is the VAT rate in Namibia?

What is VAT exempt in Namibia?

Some transactions are taxed at a rate of 15% or 0% while other transactions are exempt from VAT. … VAT is payable on all imports for home consumption in Namibia, subject to certain exemptions (e.g. in terms of a technical assistance agreement, donations to the state, goods of which the local supply is zero-rated).

How is income tax calculated in Namibia?

How is tax calculated? The most straightforward way to calculate effective tax rate is to divide the income tax expenses by the earnings (or income earned) before taxes. For example, if a company earned $100,000 and paid $25,000 in taxes, the effective tax rate is equal to 25,000 ÷ 100,000 or 0.25.

Who must pay tax in Namibia?

A salary earning individual who earns an income of more than N$ 40 000 per annum and non-salary income in excess of N$ 5 000 per month is liable to pay tax and should register for income tax. Registration is done at the IRD by completing a registration form and then the taxpayer will be given an Income Tax Number.

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Are donations tax deductible in Namibia?

There is currently no donations tax, estate duty or capital gains tax in Namibia. Certain capital gains are taxed as normal income. In determining the value for transfer duty purposes, VAT, where applicable, is excluded.

How do I claim VAT in Namibia?

The Customs Official will endorse the relevant tax invoice/s confirming proof of export of the goods. At Windhoek International Airport, Ariamsvlei Border Post and Noordoewer Border Posts present your claim at the VAT Refund Office. Your claim will be processed and you will be issued with a VAT refund receipt.

How much is the import duties in Namibia?

Value-added tax is payable on the taxable value of all goods sold or imported. The standard rate is 15%. Direct exports of goods and services are zero-rated. A number of other zero-ratings and exemptions are also provided for.

How the income tax is calculated?

1) How is income tax calculated? Income tax is calculated on the basis of applicable tax slab.


Individuals aged below 60years
Income Tax Rate
₹ 2,50,001 to ₹ 5,00,000 5%
₹ 5,00,001 to ₹ 10,00,000 ₹ 12,500 + 20% of Income exceeding ₹ 500,000.
Above ₹ 10,00,000 ₹ 1,12,500 + 30% of Income exceeding of ₹10,00,000.

What is applicable tax rate?

Applicable Tax Rate means, with respect to a Tax Year, the highest combined federal, state and local income tax rate (giving effect to the deductibility of state and local income taxes for federal income tax purposes) applicable to a corporation in any United States jurisdiction.

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What is normal tax?

: a basic rate of taxation (as on income) applied to large groups of taxpayers to which varying surtaxes may be added for smaller subgroups.

How do I calculate my monthly tax on my salary?

Total Deductions = Professional tax + EPF (Employee Contribution) + EPF (Employer Contribution) + Employee Insurance. Total Deductions = Rs 2,400 + Rs 21,600 + Rs 21,600 + Rs 3,000 = Rs 48,600. Take-Home Salary = Rs 7,50,000 – Rs 48,600 = Rs 7,01,400.

How is housing allowance calculated in Namibia?

To determine your housing allowance, you should calculate both your anticipated expenses and the fair market rental value of your home. Then request the lesser amount. Some pastors regularly request the fair market rental value of their home even when it is higher than their anticipated expenses.

Is there property tax in Namibia?

Municipal Property Tax

The applicable tax rates are set by the local municipalities. For the tax year 2009-2010, the rates applicable in the municipality of Windhoek in respect of real properties are 0.001578% of the site value per month and 0.000434% of the improvement value per month.