If you are a registered taxpayer in Namibia, you ought to receive a blank tax return in the mail at some time during the year.
Have you ever noticed that there are different types of tax returns, when looking at the colours.
For individuals there are 3 different type of tax returns, which are Brown, Blue and Yellow.
So what exactly is the difference between the 3 types of tax returns and can you submit any coloured return.
STOP! No, you cannot just complete any colour return and submit it, as it may have consequences where your taxpayer status may change with Inland Revenue.
Here is an explanation of the different types of returns:
Brown - This is the most basic tax return. It is for individuals with a basic salary structure and no other additional income, except from employment. It is also for pensioners earning no extra income, except pension income.
Blue - This return is for employees with salary structures and allowances. This returns allows you to claim expenses incurred for business against allowances received. Also if you earn other income (rental or investment income) outside your employment, this return is for you.
Yellow - Choose this return if you have a complex income structure, income from various sources other than normal employments or if you run a business in your own name / earn farming income. This is also the return used for Family Trusts and Business Trusts.
Newsflash!With TaxTim you can choose which return will suit your taxpayer status (being a farmer, pensioner or a normal wage earner) and your return will be completed accordingly.