Namibia tax: Namibia Tax announcements not yet gazetted

All the tax changes that were announced in the Namibian 2009 budget presented on 19 March 2009, except the individual tax rates, will not be gazetted as law during the 2009 calendar year because the changes were not tabled in Parliament and Parliament is in recess until early in 2010. There is no information on the dates the amendments will become effective.

The more significant tax changes that were announced, but not yet gazetted, are as follows:
- A reduction in the corporate tax rates for companies other than mining companies from 35% to 34%;
- An increase in the exemption on a retrenchment package from NAD 100,000 to NAD 300,000;
- An increase in the threshold for a lump sum pension fund payout from NAD 20,000 to NAD 50,000;
- Changes to the transfer duty rates and the introduction of transfer duty on the transfer of shares and membership interests in property-owning companies and close corporations; and
- The zero-rating of milk, sugar and medical services for VAT purposes.