{"id":78852,"date":"2024-10-16T17:21:00","date_gmt":"2024-10-16T17:21:00","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/finance-minister-iipumbu-shiimi-clarifies-tax-refund-amid-employers-over-deduction-concerns"},"modified":"2024-10-16T17:21:00","modified_gmt":"2024-10-16T17:21:00","slug":"finance-minister-iipumbu-shiimi-clarifies-tax-refund-amid-employers-over-deduction-concerns","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/finance-minister-iipumbu-shiimi-clarifies-tax-refund-amid-employers-over-deduction-concerns","title":{"rendered":"Finance minister Iipumbu Shiimi clarifies tax refund amid employers\u2019 over-deduction concerns"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>Shiimi tells employers to pay employees\u2019 tax refunds first, before paying Namra<\/p>\n

Minister of finance and public enterprises Iipumbu Shiimi says employers are not required to pay tax to the Namibia Revenue Agency (Namra) until they have settled their workers\u2019 tax overdeductions.<\/b><\/p>\n

This applies to salary payments from 1 March this year.<\/p>\n

Shiimi said this at the Government Information Centre last week.<\/p>\n

In the past tax year, employers deducted Pay As You Earn (PAYE) taxes from employees\u2019 salaries based on old tax rates.<\/p>\n

The introduction of new tax rates may have resulted in some employees having been overtaxed.<\/p>\n

Following Shiimi\u2019s recent announcement regarding tax refunds, some business owners have been concerned about paying refunds while at the same paying taxes to Namra.<\/p>\n

Iipumbu Shiimi<\/p>\n

Shiimi last week said instead of paying the taxes due to the government, employers should first settle the overdeduction of employees.<\/p>\n

\u201cThey don\u2019t have to pay us now, they must pay their employees,\u201d the minister said.<\/b><\/p>\n

He said employers should pay off overdeductions that occurred from 1 March until the end of February next year.<\/p>\n

Based on the old tax rates, companies and close corporations would pay corporate tax of about 32% of their incomes, Shiimi said.<\/p>\n

\u201cIf you have taxable income, deduct your expenses. Once you make a profit, part of 32% of that profit goes to the government as a company or a close corporation,\u201d he said.<\/p>\n

The tax refunds of public servants who retired after the amended Income Tax Act came into effect will be paid by the Government Institutions Pensions Fund (GIPF), Shiimi said.<\/p>\n

He said the government has realised it needs to reduce taxes, since they are high in Namibia, compared to neighbouring countries like Botswana and South Africa, which tax 25% and 28% on income, respectively.<\/p>\n

He said tax needs to be reduced to attract investment.<\/p>\n

Tax has currently been reduced to 31% for this year, while it will be reduced to 30% next year, Shiimi said.<\/p>\n

\u201cWhat we want to achieve is a competitive tax rate that is going to help us attract more domestic and foreign investments.\u201d<\/b><\/p>\n

Namibia Local Business Association spokesperson Marius Nangolo says his association welcomes the minister\u2019s explanation as business owners were concerned about the unaffordability of refunding their employees while at the same time paying Namra.<\/p>\n

\u201cI think it\u2019s good that we have been given that relief,\u201d he says.<\/p>\n

Nangolo asks that Namra write off the arrears some businesses have accumulated.<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. Shiimi tells employers to pay employees\u2019 tax refunds first, before paying Namra Minister of finance and public enterprises Iipumbu Shiimi says employers are not required to pay tax to the Namibia Revenue Agency (Namra) until they have settled their workers\u2019 tax overdeductions. This applies to salary payments from 1 March this year. […]<\/p>\n","protected":false},"author":84,"featured_media":78851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-78852","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nFinance minister Iipumbu Shiimi clarifies tax refund amid employers\u2019 over-deduction concerns - Namibia<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/finance-minister-iipumbu-shiimi-clarifies-tax-refund-amid-employers-over-deduction-concerns\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finance minister Iipumbu Shiimi clarifies tax refund amid employers\u2019 over-deduction concerns\" \/>\n<meta property=\"og:description\" content=\"Africa-Press – Namibia. Shiimi tells employers to pay employees\u2019 tax refunds first, before paying Namra Minister of finance and public enterprises Iipumbu Shiimi says employers are not required to pay tax to the Namibia Revenue Agency (Namra) until they have settled their workers\u2019 tax overdeductions. This applies to salary payments from 1 March this year. 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