Namibia 2024/25 Budget Includes Increased Tax Exemption Threshold for Individual, Tax Rate Cut for Non-Mining Companies, and Other Changes

Namibia's Minister of Finance and Public Enterprises, Iipumbu Shiimi, delivered the 2024/25 Budget on 28 February 2024. The main tax measures announced in the budget statement include:

• An increase in the individual income tax threshold from NAD 50,000 to NAD 100,000 from 1 March 2024, along with adjustments in the tax brackets as follows:
  • up to NAD 100,000 - 0%
  • NAD 100,001 to 150,000 - 18%
  • NAD 150,001 to 350,000 - 25%
  • NAD 350,001 to 550,000 - 28%
  • NAD 550,001 to 850,000 - 30%
  • NAD 850,001 to …