Martin Endjala
The Government Institutions Pension Fund (GIPF) has announced it will issue tax relief refunds to qualifying pensioners, spousal, and child beneficiaries on 28 November 2024.
GIPF’s chief executive officer, Martin Inkumbi, announced this on Tuesday.
“I am elated that our members can now breathe a sigh of relief as all individual taxpayers will be exempted from paying tax on the first N$100 000 of their income. However, we ask for patience as the Fund finalizes the payment logistics,” said Inkumbi.
He added that the GIPF team is working diligently to adjust the Fund’s payment processes to ensure the tax refunds are processed efficiently and promptly.
This follows an amendment to the Income Tax Act, announced by the Ministry of Finance and Public Enterprises, effective from 1 March this year.
The amendment ensures that taxpayers will receive refunds in October.
Under the new measures, employees earning N$100 000 or less will not be taxed on their earnings, and those earning more will only be taxed on the amount exceeding N$100 000.
The tax refunds result from adjustments to the Pay-As-You-Earn (PAYE) system, which employers must now implement, following the gazetting of the new rates.
Wilson Shikoto, spokesperson for the Ministry of Finance and Public Enterprises, said the ministry would clarify its policy positions in the mid-term budget scheduled for later this month.
