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Namibia To Introduce Solidarity Tax

by Lorys Charalambous, Tax-News.com, Cyprus

02 November 2015


Namibia's President, Hage Geingob, has announced that a "solidarity tax" is to be introduced to further the Government's anti-poverty policy.

The new tax will be payable in the 2016/17 fiscal year by both individuals and companies with income above a certain threshold. The additional revenue it will provide is intended to contribute to a welfare fund.

Details of the tax will be released as soon as they are finalized, the Government said. It is not yet known if it will be structured as a surtax on income – that is, levied in addition to the current income tax rates – or whether it will take some other format.

TAGS: individuals | tax | business | fiscal policy | tax rates | Namibia

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