Pay-As-You-Earn (PAYE)

16 Sep

PAYE tax refunds represent respite for many Namibians

ObserverObserver MoneyNamRA, Pay-As-You-Earn (PAYE)

Niël Terblanché Many low-income earning Namibians are preparing to benefit from tax refunds following a recent announcement by Iipumbu Shiimi, the minister of finance and public enterprises. Over the weekend, Shiimi declared that employers across the country must adjust Pay-As-You-Earn (PAYE) deductions to ensure that employees who were over-taxed are reimbursed. On Monday, the Ministry of Finance confirmed the new measures through the publication of the revised tax schedule in the Government Gazette, detailing the updated tax thresholds and rates. The new schedule exempts individuals earning below N$100 000 annually from PAYE, a move aimed at easing the financial burden…

PAYE reimbursements loom as new tax rates take effect

ObserverNational NewsIpumbu Shiimi, NamRA, Pay-As-You-Earn (PAYE)

Niël Terblanché Namibia’s minister of finance and public enterprises, Ipumbu Shiimi, has announced that employers are required to adjust the Pay-As-You-Earn (PAYE) tax deductions from employees to ensure the reimbursement of any over-deducted amounts. In a statement issued over the weekend, Shiimi stressed that any over-deduction of PAYE resulting from the implementation of the adjusted statutory tax rates must be refunded by employers shortly after the gazettement of the new rates. The minister, however, did not indicate exactly when the new rates will be gazetted. “The reimbursement would be deducted from the employee's monthly tax contribution payable to the Namibia…