Tax Relief Fra Ahead: Namibia’s Minister Shiimi Promises Benefits for Taxpayers

Finance Minister, Iipumbu Shiimi has announced forthcoming tax relief measures, including raising the tax threshold to N$100,000, which will exempt individuals earning up to this amount from income tax. The amendment, part of the national budget for 2024/25, is currently undergoing legal review and is expected to be finalized by October. Shiimi highlighted the importance of providing relief to households amidst economic challenges like high interest rates and inflation, reassuring taxpayers that refunds dating back to March will be processed once the law is promulgated.