Double Tax Agreement Namibia And South Africa

Posted: April 9, 2021 in Uncategorized

In the event that Namibia has a double taxation agreement (DBA) with the country in which the foreign residence resides, that person is taxable in Namibia, unless all the specific DBA requirements are met. Due to the rules of source and dividend-exempt status, only a few items subject to foreign tax are subject to Namibian tax. There is no general unilateral provision for the exemption from double taxation, although a specific provision prevents double taxation of royalties. Receive a lump sum payment as a result of a worker`s abandonment, termination, loss, refusal, cancellation or modification of a job or function following a worker`s age of 55; due to illness, aging or other disabilities or because the person was considered to be dismissed, an exemption of up to 300,000 NAD is available for the lump sum received. The NAD300,000 is available over the lifetime of the individual. The Namibian tax system is source-based. With respect to the tax base, any amount of cash or other means received from a person from a source in Namibia or not from a person from Namibia is taxable in Namibia, unless the receipt is capital. A 50-year-old windhoek city employee will appear in Katutura Magistrate`s Court today after killing a colleague following a $1,000 dispute. The turmoil surrounding the election of the new President of the National Youth Council has hardened with accusations that the Swapo Party Youth League is insisting that Assistant Sharonice Busch be the only candidate for the position. The taxable value of housing allowances granted in domestically approved housing projects is reduced by one-third. .

The Namibian fiscal year begins on March 1 until the last day of February of the following year. The Namibian tax authority is known as the Namland Revenue Authority (NIRA). As a general rule, non-commercial expenses are not deductible for beneficiaries. Self-consumption fees are not deductible. Non-residents can open a non-resident account with a Namibian bank to receive their salary, wages and other employment-related benefits here in Namibia. Most types of earnings and benefits received by an individual from a Namibian or Namibian source for the services provided constitute taxable income, whether or not the person making the payment is established in Namibia, with the exception of a few exceptions. Typical taxable positions are as follows: the National Youth Council has recommended “by the majority” to reinstate Calista Schwartz-Gowases as head of the state-funded Child Protection Office – without procedure. There are social levies that are paid to the Commissioner of Social Security.

The employer contribution is 0.9 per cent and the worker`s contribution is 0.9 per cent, up to a maximum salary of NAD108,000 per year, which is nad81 per month for a worker. An employer must withhold payroll tax and transfer it to the Inland Revenue on the 20th of the month following the month in which the amounts were withheld. Late payment of this tax is punishable by penalties of 10 per cent per month and interest charges of 20 per cent per year.

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