Namibia Tax Tables 2024 - Tax Rates and Thresholds in Namibia

This page contains the tax table information used for the calculation of tax and payroll deductions in Namibia in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ NA, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Namibia or would like to add to or suggest amendments to the information herein then please contact us.

Namibia Personal Income Tax Tables in 2024

The Income tax rates and personal allowances in Namibia are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Namibia Tax Calculator 2024.

In Namibia, social security deductions made by employees for contributions to the Social Security Commission funds, such as for maternity, sick leave, and death benefits, as well as for pension or provident fund contributions, are typically deductible from taxable income. This means that these contributions can be subtracted from the gross income of employees before calculating the income tax owed, thereby potentially reducing the amount of taxable income and the overall tax liability. This system encourages participation in social security schemes by providing a tax benefit for contributions made towards ensuring financial security in cases of illness, injury, retirement, and other life events.

Namibia Social Security and Payroll Deduction Rates in 2024

In Namibia, social security and payroll deductions constitute an essential part of the employment relationship, ensuring that both employees and employers contribute towards the national social welfare systems. These deductions are aimed at providing financial assistance and support to individuals in various situations, such as retirement, illness, and workplace injuries. Understanding these contributions is vital for both employers and employees as they navigate the complexities of the Namibian labor market.

The Social Security Commission (SSC) in Namibia administers two main funds: the Employee’s Compensation Fund and the Maternity Leave, Sick Leave, and Death Benefit Fund. Each of these funds serves distinct purposes, providing support and security to the Namibian workforce.

The Employee’s Compensation Fund is designed to provide compensation to employees who suffer from work-related injuries or diseases. This fund ensures that employees receive adequate financial support for medical treatment, rehabilitation, and compensation for loss of income during their recovery period. Employers are required to contribute to this fund on behalf of their employees, promoting a safe and secure working environment.

The Maternity Leave, Sick Leave, and Death Benefit Fund offers financial assistance to employees during periods of maternity leave, sickness, or in the event of a death. This fund aims to alleviate the financial burden on employees and their families during these challenging times, ensuring they have the necessary support without the added stress of income insecurity. Contributions to this fund are made by both employees and employers, highlighting a shared commitment to the well-being of the workforce.

Aside from these specific social security funds, employers in Namibia are also required to make deductions for pension or provident fund contributions. These retirement savings plans are critical for ensuring that employees have a stable income upon retirement, contributing to their long-term financial security. Both employees and employers contribute to these funds, with the contributions being invested to grow the retirement savings over time.

Medical aid contributions are another important aspect of payroll deductions in Namibia. Many employers offer medical aid schemes as part of their employment packages, providing employees with access to private healthcare services. These contributions, made by both employers and employees, ensure that individuals have access to timely and quality medical care when needed.

In conclusion, social security and payroll deductions in Namibia play a crucial role in providing a safety net for the workforce. Through the contributions to the Employee’s Compensation Fund, Maternity Leave, Sick Leave, and Death Benefit Fund, pension and provident funds, and medical aid schemes, employees in Namibia are afforded protection against the financial risks associated with illness, workplace injuries, retirement, and death. These systems underscore the collective effort of employers, employees, and the government to foster a secure and supportive labor environment.

Namibia VAT Rates in 2024

VAT rates for Namibia are reviewed annually, you can use the VAT Calculator to calculate VAT due in Namibia or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.

Historic Tax Tables supported for Namibia

The following tax tables are supported by iCalculator™ NA as part of the suite of free tax tools we provide for Namibia.