The Namibian budget speech for 2015-16 was delivered on 31 March 2015.
In the budget it was proposed to reduce the corporate income tax rate for non-mining companies from 33% to 32%. There will be no change in the corporate tax rate for mining companies and companies providing services related to mining on behalf of a person licensed to conduct mining operations.
In the budget no changes were proposed to personal income taxation.
The withholding tax rate on service fees for non-residents is to be reduced from 25% to 10%. The withholding tax rate on royalty applicable to non-residents would be reduced to 9.6% from 9.9% after the 32% tax rate becomes effective for companies. Also the threshold for VAT registration will be increased from N$200,000 to N$500,000.
On certain alcohol and tobacco products the excise duty rates would be increased with effect from 25 February 2015.
