The Minister of Finance, Iipumbu Shiimi, has announced significant tax reforms and budget adjustments aimed at supporting the economy and providing relief to taxpayers.
Starting in April 2024, the corporate tax rate will decrease from 34% to 31%, with plans to further lower the tax to 28% by the 2026/27 fiscal year.
The income tax threshold for individuals has been raised to N$100,000, benefiting a significant number of taxpayers.
To address calls for relief during the ongoing economic recovery, the tax amnesty programme has been extended by two years and is now set to expire on October 31, 2026.
This programme allows taxpayers to settle their outstanding debts without penalties if paid by the new deadline.
Despite some budget allocations, the government emphasised the importance of maintaining funding for critical sectors like health and education. The budget aims to navigate the challenges posed by drought and support the most vulnerable communities.