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Tax Budget Highlights 2020
Tax Budget Highlights 2020
Tax Budget Highlights 2020
The 2020/21 budget speech was presented under the theme “Together Defeating Covid-19, Together Thriving Again”.
The theme takes cognisance of the current challenges the nation is facing due to the Covid-19 pandemic. The Minister stated that the four main goals of the budget are “to save lives, save livelihoods, save jobs and to place Namibia in a stronger position to thrive in the foreseeable future.”
Based on the 2019/20 mid-year budget speech which was indicative of the mild recession of the domestic economy, coupled with the effects of the Covid-19 pandemic, the tax aspect of the 2020/21 budget comes as no surprise. Understandably, no new taxes were proposed for 2020 except for the usual increases on alcohol and tobacco products, the so-called “sin” taxes.
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