You have news tips, feel free to contact us via email editor@thevillager.com.na

Namibia loses N$9.4b in taxes because of Covid-19

President Hage Geingob declared a state of emergency in March when Namibia reported its index Covid-19 cases.

Since then, the country has been on lockdown resulting in a number of companies shutting down and laying off workers. 

Figures obtained by the finance ministry shows that the total tax revenue loss was N$9 393 billion, which is 28% reduction from the previous year. 

The country lost N$ 4.4 billion in Pay As You Earn, N$ 2,7 billion in Corporate Tax and N$ 2.3 billion in value added tax. 

The ministry said for the first 5 months this year, Namibia lost N$139 million in revenue which is 1%  compared with the corresponding period of 2019/20 financial year.

The ministry further said there is no impact on SACU this year as the SACU Receipt was already determined last year, however based on our projection SACU Revenue is expected to fall by 21% in 2021/22 from N$22,252 million in 2020/21 to N$17572 million in 2021/22.

However, these figures are subject to change when we finalize our Mid-Year- Budget review.

Total Revenue on the other hand is projected to fall from N$58, 956 in 2019/20 to N$51,397 in 2020/21, this reflect a decrease of 12.3 percent.

Julia Heita

Related Posts

Read Also ... x