Namibia Tax: 2010 Income Tax, VAT and Transfer Duty Amendment Acts gazetted

The long-awaited 2010 Income Tax, VAT and Transfer Duty Amendment Acts were gazetted on 30 April 2010.

The corporate income tax rate in Namibia is reduced from 35% to 34%, effective for companies with tax years commencing on or after 1 January 2009, and the special deduction provisions for mining rehabilitation expenses are abolished effective for tax years commencing on or after 1 January 2010. The following changes to the rules governing the withholding tax on interest apply retroactively as from 1 March 2009: (1) no tax will be withheld on interest paid on negotiable instruments; and (2) Namibian banking institutions and unit trust schemes are required to issue certificates to all persons where the tax withheld exceeds NAD 100 for the relevant tax year.