Economists break down revised tax reforms and national budget

February 29, 2024 46

With Finance and Public Enterprises Minister Ipumbu Shiimi having announced in yesterday’s National budget that the government has revised tax reforms that will put N$646 million back in the pockets of taxpayers by exempting all individual taxpayers from paying tax on the first N$100,000 of their income, starting 1 March 2024, we asked Cirrus Capital Economist Robert McGregor for a breakdown of the numbers.

Namibia’s largest-ever annual budget on Wednesday outlined a projected government spending of N$100.1 billion for the 2024/2025 financial year. Included in the budget was the promised increase in the income tax threshold. FnB Namibia Economist Ruusa Nandago explains how this will affect people paying income tax.