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Understanding New Tax Brackets 2024: Brackets, Rates, and Relief Options
Understanding Namibian individual income tax? This guide explores new tax brackets 2024, rates, recent tax relief measures, and resources for further information.
Understanding the intricacies of your individual income tax obligations can be crucial for informed financial planning. This guide delves into the Namibian individual income tax system, outlining the new tax brackets 2024, applicable rates, and potential tax relief measures.
Namibian Individual Income Tax Brackets 2024 and Rates
The Namibian individual income tax system follows a progressive structure, meaning tax rates increase as taxable income rises. Here’s a breakdown of the current tax brackets and corresponding rates [1]:
- Tax-free: Up to N$50,000
- 18%: N$50,001 – N$100,000
- N$9,000 + 25%: N$100,001 – N$300,000
- N$59,000 + 28%: N$300,001 – N$500,000
- N$115,000 + 30%: N$500,001 – N$800,000
- N$205,000 + 32%: N$800,001 – N$1,500,000
- N$429,000 + 37%: Above N$1,500,000
It’s important to note that these brackets are subject to change in future budgets. Staying informed about any adjustments announced during the annual budget presentation is recommended.
Recent Tax Relief Measures
The Namibian government has implemented recent tax relief measures aimed at alleviating the financial burden on certain taxpayer groups. Notably, the 2024/25 budget introduced a tax threshold increase, effectively exempting individuals earning between N$50,000 and N$100,000 from paying income tax. This change aims to provide much-needed relief to lower-income earners.
Additional Resources
- Namibian Ministry of Finance: https://mfpe.gov.na/
- Inland Revenue Department of Namibia: https://www.namra.org.na/
Remember, consulting a qualified tax professional is always recommended for personalized guidance on your individual tax situation.
Tax Reprieve Meaning: Relief for Namibian Taxpayers on the Horizon?
Understanding Income Tax in Namibia
If you have more questions, look through our blog for answers!
