Income Tax Brackets 2024 Namibia Government

Income Tax Brackets 2024 Namibia Government. Shiimi raised the tax threshold from n$50 000 to n$100 000 during his budget speech in parliament last week. 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;

He said the government will increase the threshold for income tax on individuals from the current n$50 000 to n$100 000. An increase in the tax threshold from n$50,000 to n$100,000 and an inflation adjustment of 2.5% means that many namibians especially those in the lower income brackets will be able to have more disposable income which consequently contributes to economic growth;