Although salaried employees are limited, by tax law, as to what they can deduct from their income, there are a few things that can be claimed. Deductions against income reduce your taxable Income and thus reduce the amount of tax owing to Inland Revenue. The allowable tax deductions are:
Income protection contributions where you take out a policy with a service provider in the case you are no longer able to work anymore
Donations paid to registered Public Benefit Orga...
Personal Income Tax (PIT) is a direct tax levied on income of a person. A person means an individual, an ordinary partnership, a non-juristic body of person and an undivided estate.
Personal income tax is applicable to total taxable income of an Individual and all individuals are taxed at progressive marginal rates over a series of income brackets. The tax year runs from 1 March to 28 February every year. Individual tax retu...
Verbal confirmation from the Minister of Finance was obtained this morning that extension for submission of all individual income tax returns (as well as payment of tax) have been granted to 31 July 2016.
The system at Inland Revenue will be amended to change the due date for returns and payments to 31 July 2016.
This should then prevent it from levying penalties and interest for any returns and payments done after 30 June 2016.
Remember : individual income tax return are due 30 June 2016.
Inland Revenue confirmed that tax returns can ALSO be submitted at the some Nampost branches in Windhoek. These are additional facilities and returns can still be submitted at Inland Revenue offices as in the past. The branches are as follows:
Various taxpayers have asked TaxTim why when they finished their tax returns and print the return, it prints 'funny': - smaller than usual; - printing the information on a blank page instead of in the return; - printing blank pages
This could be the web browser you are using. If you are using "Internet Explorer", the print settings are smaller and sometimes preset print setting will obscure the tax return printing.
If you are using "Firefox", the print settings also cause problems....
A taxpayer is only allowed to claim car expenses if you receive a vehicle travel allowance or a vehicle purchase allowance. This allowance is normally awarded to employees who use their personal cars for business travel.
How do I claim my vehicle expenses in my tax return?
You will need to keep a logbook (A logbook is a book or number of sheets, in which the detail of a travel or trip is documented) for the tax year (1 Mar...
When I am done with the tax return, I receive a payment screen?
This means that you did not login through the voucher email. Please log out of TaxTim, go to the email and click on the “Click here to Start”. This should activate your voucher, removing the payment screen.
I cannot remember my password?
No problem, you can always reset your password. On the login screen of the website, click on “Forgot your password”. You will see a screen where you should put in your email. A reset link will be emailed to you. Once you receive this link, click on it and you can reset your password. Easy!...
Ring fencing is where a taxpayer may not offset losses from certain trades against income from other trades, or employment income in future years. In Namibia ring-fencing only applies to natural persons with taxable income of more than N$200,000 per year (excluding any losses). This amount is usually the income from normal employment.
Where a person earns additional income from other trades, and losses are made from these other trades, you should consider whether the losses are deductible against your normal salaried income...
Recoupment is a term used by the Tax law where Inland Revenue recovers previous tax claims allowed to the taxpayer.
Where any fixed asset is sold or no longer used by you for business purposes, and capital allowances were previously claimed on the asset, tax will arise on the sale known as recoupment. Please note that taking an asset out of use for business purposes, include donating an asset to be used for privat e purposes, like giving your work car to your wife/children to use....
When completing and submitting provisional tax returns, you are required to estimate the taxable income for the first half of the year as well as for the full 12 month period. As provisional tax returns are normally due before the tax year-end, it is often a difficult task to know what the total taxable income of the business/individual will be before the year closes off. Here are some tips to keep in mind when calculating your estimated taxable income.
The remaining tax value will be the wear and tear/depreciation which can still be claimed on the vehicle. Vehicles are written off over 3 years.
If wear and tear/depreciation was claimed on the car in previous years, and one or two years of allowance can still be claimed, this amount will be the remaining tax value. Please note that Inland Revenue looks at the remaining tax value as if a full 1/3 allowance was claimed. In other words that no apportionment is made for the business vs private use of the vehicle. Therefore, you will need to provide us with the tax value remaining that takes this into account. ...
For individuals who were not employed for a full tax year, which is referred to as a broken tax year, a letter should be issued to Inland Revenue along with a police declaration whereby you declare that you were unemployed for a specific period.
This will notify Inland Revenue that you did not receive income for a specific period.
Please feel to use the below wording for your letter - which you attach to your completed tax return.
All individuals are taxed according to a income sliding scale. All individuals, including trusts and estates, are taxed according to the below table, which is applicable for the tax years 28 February 2016 until further notice: