Income Tax Act 24 of 1981

Martin Endjala Homeowners stand to benefit from the increase in the tax threshold from N$50 000 to N$100 000. This follows the presentation of proposed amendments to the Income Tax Act, 24 of 1981, in the National Assembly by finance minister, Iipumbu Shiimi this week. According to Josef Sheehama, an independent bank researcher and economist, homeowners will only have to pay tax on the amount that exceeds N$100 000. "This is a wise decision, even though government tax revenue will marginally decline. For those looking to purchase a home, this is welcome news because bond costs are expensive," he said.…