Niël Terblanché
The Government Institutions Pension Fund (GIPF) on Thursday announced the disbursement of over N$118 million in tax refunds.
According to Martin Inkumbi, the chief executive officer of the fund, the payments at the end of this month aim to benefit 24 173 qualifying annuitants, including pensioners, spousal and child beneficiaries.
Inkumbi stated that the refunds are the result of recalculations based on revised tax tables.
He added that these recalculations compare the tax members paid throughout the year with what they would owe under the updated structure.
“The difference has enabled refunds ranging from less than N$1 to a maximum of approximately N$17 000,” he said.
Through this initiative, the fund upheld its commitment to the financial well-being of its members.
He said that this process is a demonstration of the Fund’s dedication to transparency and its members’ financial interests.
Inkumbi added that payments to deceased members will be processed through their estates in coordination with the Master of the High Court.
He added that 946 annuitants will, however, not receive refunds due to outstanding tax obligations with the Namibia Revenue Agency (NamRA).
“For these individuals, the fund recommends contacting NamRA to resolve their tax directives,” he said.
He also said that the GIPF is finalizing verifications for outstanding refunds to members on disability, particularly those who received a 3% increase and backpay earlier this year.
Any adjustments for this group are expected to be completed in the December payroll cycle.
According to Inkumbi, the GIPF’s proactive communication strategy includes sending SMS notifications to members eligible for refunds.
“Members are encouraged to reach out to the Fund’s Client Services team with queries via email or by calling their toll-free number,” he said.
He added that the tax refund initiative could be a relief to many annuitants in challenging economic times while also reinforcing the GIPF’s role as a cornerstone of financial security for its beneficiaries.
