NamRA Levies and Duties in Namibia

NamRA, short for Namibian Revenue Agency, is responsible for the administration and collection of various levies and duties in Namibia. These levies and duties in Namibia are crucial in generating revenue for the government and ensuring the smooth functioning of the country’s financial system. In this article, we will delve into two key levies: Stamp Duty and Transfer Duty.

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Stamp Duty in Namibia

Stamp Duty in Namibia is a tax imposed on certain legal instruments in Namibia. These instruments include:

• Antenuptial or postnuptial contracts
• High purchase agreements
• Lease agreements
• Mortgage bonds
• Power of Attorney

It’s important to note that this is not an exhaustive list, and you can refer to schedule 1 of the Stamp Duty Act for a full list of instruments subject to stamp duty in Namibia.

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Exemptions

Certain instruments are exempt from stamp duty. These exemptions include:

• Instruments for which the duty would be payable by the government, regional council, municipal council, or town council
• Instruments in connection with criminal proceedings
• Instruments on behalf of charitable or educational institutions of a public character that are exempt from income tax

For a comprehensive list of exemptions, please refer to section 4 of the Stamp Duty Act.

Stamp Duty Rates on Transfer Deed

When it comes to transfer deeds, the stamp duty rates in Namibia are as follows:

• Up to N$1000,000: Exempt from stamp duty in Namibia
• Above N$1000,000: N$10 for every N$1,000 or part thereof is payable

It’s worth mentioning that stamp duty is also applicable to lease agreements involving immovable property, regardless of whether other assets are included. However, no transfer duty is chargeable in respect of such lease agreements.

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Transfer Duty in Namibia

Transfer Duty is a levy imposed on the value of any property acquired by an individual in Namibia. The duty is payable within 6 months of the acquisition date.

Exemptions

Certain acquisitions are exempt from transfer duty in Namibia. These exemptions include:

• Property acquired by the state, local authority, or educational institution of a public character
• Property acquired by a surviving spouse from the estate of a deceased spouse
• Acquiring sole ownership of the property as a surviving or divorced spouse

For a comprehensive list of exemptions, you can refer to section 9 of the Transfer Duty Act.

Late Payment Penalty

It’s important to adhere to the payment timelines for transfer duty in Namibia. A penalty of 10% is payable on late payments. Make sure to complete the payment within the specified period to avoid additional costs.

Understanding NamRA levies and duties in Namibia is essential for individuals and businesses alike. By familiarizing yourself with the stamp duty and transfer duty regulations, you can ensure compliance and avoid any unnecessary penalties. Remember to consult the relevant acts and seek professional advice if needed to ensure accurate interpretation and adherence to the law.

Please note that the information provided in this article is for informative purposes only and should not be considered as legal or financial advice. It’s always advisable to consult with a qualified professional for personalized guidance based on your specific circumstances.

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FAQs about NamRA Levies & Duties in Namibia

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