On 28 February 2024, Namibia presented the 2024-2025 budget, which includes several significant tax measures. These are as follows:

  • The tax rate for non-mining companies will be lowered to 31%, effective 1 January 2024. The rate will be reduced again to 30% by 1 January 2025 and 28% for  FY 2026/2027;
  • The 3:1 thin capitalization ratio will be replaced with a 30% limit on interest deductions;
  • Tax exemptions for nonresident shareholders of foreign insurance companies will be repealed;
  • A 10% dividend tax will be enacted on 1 January 2026;
  • The mandatory VAT registration threshold will rise from N$500,000 to N$1 million in FY 2024/2025;
  • A special economic zone regime will be introduced with a reduced 20% corporate income tax rate and VAT zero rating;
  • The implementation of a VAT electronic invoicing (e-invoicing) system;
  • “Sin taxes” or excise taxes on alcoholic beverages and tobacco products will be increased;
  • Adjustments to transfer duties and stamp duties brackets will be introduced, which include increasing the exempt level to N$1.1 million and raising the threshold for the 8% duty rate to N$3.15 million for FY 2024/2025;
  • A supertax transfer duty and stamp duty bracket will be established for luxury residential properties valued at over N$12 million;
  • The income tax threshold for individuals will increase to N$100,000 on 1 March 2024.