A new withholding tax on interest enters into force in Namibia on March 1, 2009.
From March 1 any interest paid by a Namibian bank or unit trust to any person, other than to a Namibian company or unit trust, will be subject to a withholding tax on interest of 10%.
The withholding tax will be a final tax. Withholding institutions will be required to issue tax certificates to all parties receiving interest payments.
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