Namibia: MOF publishes the 2021/22 Budget Statement

28 March, 2021

On 17 March 2021, the Ministry of Finance has published the budget statement for 2021/22 providing the following tax reforms:

There were no proposed increases or changes to the main tax brackets.
Budgeted expenditure for the 2022 year will be N$67.9 billion against budgeted revenue of N$55.5 billion.
Introduction of value added tax (VAT) on the income of “listed asset” managers
Mandatory requirement for vendors to issue tax invoices for VAT purposes
A reduction in the non-mining company tax will be considered during the Mid-Year Budget Review in October 2021.
The Minister confirmed that the local withholding tax on dividends of 10% will be introduced.
The long-overdue official launch of the Namibia Revenue Agency (NamRA) is scheduled for 7 April 2021.

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