Tax collection on track
The Namibia Revenue Agency (NamRA) collected a net amount of N$37.4 billion in tax at the end of September this year, representing 55.2% of the total revenue target of nearly N$67.8 billion for the financial year 2023/24.In a statement issued by NamRA, the agency said the mid-year revenue collection is over N$9 billion better than the N$28.3 billion generated at the same time in the financial year 2022/23.
The major contributors to the strong half-year revenue generation were receipts from the Southern African Customs Union (Sacu), individual income tax and value added tax (VAT).
Finance minister Ipumbu Shiimi set the annual revenue target for the financial year 2023/24 at N$67.8 billion, up from the adjusted N$53.4 billion for the financial year 2022/23, which rose from N$49.4 billion for the financial year 2021/22.
Moreover, during the first half of the financial year 2023/24, NamRA refunded N$4.8 billion, an improvement from N$4.2 billion during the corresponding period in the financial year 202/23, while it was N$2.8 billion at mid financial year 2021/22.
Total tax debt continues to rise from N$56 billion in September 2021 to N$75 billion in the corresponding month 2023. The ongoing Tax Amnesty is aimed at reducing the amount owed by taxpayers, of which close to N$60 billion is interest and penalties which can be fully waived, if the N$16.6 billion outstanding capital is paid by 31 October 2024.