When dealing with the income Tax rate in Namibia, citizens and foreigners have to put into consideration major factors. The Namibia income Tax rate plays a key role in the country’s economy.
The sales, corporate and personal income tax rate in Namibia are determined from different sources. The taxation system are a based, known and carried out by the regulatory bodies.
You may be asking, What is the rate of tax on salary? How many percent is tax in Namibia? How is salary calculated in Namibia? How is Namibia tax calculated?
If you wish to have the details on the income Tax rate for citizens, foreigners the or expats, kindly go through the information below.
How much is Income Tax rate in Namibia?
If you are asking to know the latest income tax rate the country, the rates are provided below.
- Personal Income Tax Rate 37.%
- Corporate Tax Rate 32%
- Sales Tax Rate 15.%
Personal Income Tax Rate is collected from individuals and is imposed on different sources of income like labor, pensions, interest, and dividends. Tax Rates are an important source of income for the government of the country.
How many percent is tax 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. There are a lot of other zero-ratings and exemptions are also provided.
How is Namibia tax calculated?
The way to calculate the 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.
That’s all you need for the Income Tax rate in Namibia, use the comments section below for questions.