Taxation of international assignees
There are social security taxes paid to the Commissioner of Social Security. The contribution rate for social security is 0.9% by the employer and 0.9% by the employee up to a maximum of NAD81 per month per employee.
Is there a requirement to declare/report offshore assets (e.g., foreign financial accounts, securities) to the country’s fiscal or banking authorities?
As mentioned above, Namibia has a source-based income tax system whereby only income earned from a source within or a source deemed to be within Namibia will be subject to income tax.
In light of the above, only assets that have a bearing on the income earned from a Namibian source or deemedsource should be declared to the Namibian Inland Revenue Authority.
|No of rooms*||1||2||3||4||5||6||7||8||8+|
|Location||Monthly taxable benefit (NAD)|
|Other municipal areas**||250||375||500||700||900||1100||1400||1700||2000|
* By room is meant living rooms, such as bedroom, lounge, dining-room, study, etc. and does not include kitchen, scullery, pantry, bathroom, toilet, corridor, lobby, laundry, shower cubicle or bar. Any outbuilding which includes a flat must be divided into rooms.
** Other municipal areas include: Gobabis, Grootfontein, Keetmanshoop, Luderitz, Mariental, Okahandja, Ondangwa, Oshakati, Otjiwarongo, Rehoboth and Tsumeb.
KPMG Advisory Services (Namibia) (Pty) Ltd
De Merindol Office Park
30 Schanzen Street
Senior Manager, Tax
T: +264 61 387 529
F: +264 61 387 501
T: +264 61 387 502
F: +264 61 387 501
Notice: Whilst reasonable steps have been taken to ensure the accuracy and integrity of information contained in this document, we accept no liability or responsibility whatsoever if any information is, for whatever reason, incorrect. We further accept no responsibility for any loss or damage that may arise from reliance on information contained in this document.
This document is based on our interpretation of the current income tax law and international tax principles. These principles are subject to change occasioned by future legislative amendments and court decisions. You are therefore cautioned to keep abreast of such developments and are most welcome to consult us for this purpose.
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