Manufacturers in Namibia will no longer get special treatment of paying less tax as the policy will be reviewed to end the preferential tax system.
In January, manufacturers pay 18% tax instead of 32% paid by everyone.
This was disclosed by the finance minister, Calle Schlettwein during his budget speech in parliament.
Schlettwein’s move follows pressure from the European Union for the country to stop the preferential tax system through nullifying the Export Processing Zone Act and tax incentives for manufacturers.
Advertisement
The minister says repealing the EPZ Act and introducing special economic zones will encourage business development including SMEs and job creation.
Related posts:
Tax board brainstorms on ways to increase income tax
Indirect tax system needed to boost tax base – Ola-Ojo
Oyo aims to regularise tax collection, launches E-Tax App
Namibia opens Bitumen-coated road
Severe drought in Namibia puts over 500,000 at risk
Namibia’s ruling party elects first Female Presidential Candidate
Namibia govt orders Police to stop Chinese firm from exporting Lithium
Tinubu Condoles Namibia Over Death Of President Geingob
