Namibia: Living There - Tax Issues
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Last Updated: May 11, 2009
Living There
INDIVIDUAL TAXATION
Residents are taxed on their Namibian-sourced income. The tax year in Namibia is from 01 March of the current year to 28 February of the succeeding year. Married couples are taxed separately.
INCOME TAX
Income is taxed at progressive rates.
INCOME TAX |
|
| TAXABLE INCOME, NAD (US$) | TAX RATE |
| Up to 24,000 (US$2,817) | 0% |
| 24,001– 40,000 (US$4,694) | 17.5% on band over US$2,817 |
| 40,001– 80,000 (US$9,388) | 29.5% on band over US$4,494 |
| 80,001– 200,000 (US$23,471) | 34.5% on band over US$9,388 |
| Over 200,000 (US$23,471) | 35% on all income over US$23,471 |
| Source: Global Property Guide | |
RENTAL INCOME
Rental income is taxed at progressive rates. Taxable income is computed by deducting the 15% VAT for leasing property, income-generating costs, and depreciation expense from the gross rental income. Depreciation of new buildings is computed 4% annually over a period of 20 years.
Value Added Tax (VAT)
VAT is levied on rental income at 15%.
CAPITAL GAINS
There are no capital gains taxes in Namibia.
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