The Namibia Revenue Agency (NamRA) collected N$37.4 billion in revenue by the end of the second quarter (Q2) of the current fiscal year, 2023/2024.
NamRA said this represents a whopping 55.2% of its ambitious N$67.8 billion revenue target set for the financial year.
The revenue agency’s success was driven by a gross revenue of N$42.3 billion, with a net collection of N$37.4 billion.
Notably, the agency also disbursed refunds totalling N$4.8 billion from April to September this year.
The N$37.4 billion in revenue NamRA collected as of 30 September is further dissected across various primary tax categories, with individual taxpayers accounting for contributing a substantial N$8.8 billion or 24% of that amount.
“Corporate Income Tax (CIT) stood at 15% of the collected revenue, amounting to N$5.5 billion.Value Added Tax (VAT) represents 22% of the total collected amount, reaching N$8.3 billion,” NamRA revealed this week.
Similarly, international sources contributed an impressive N$12.9 billion, making up 34% of the total.
Meanwhile, other sources made up the remaining 5%, adding N$1.9 billion to the collected revenue pool.
This is an improvement on the financial year 2021/2022 when NamRA aimed to collect N$49.4 billion but managed to secure N$26 billion by mid-year.
In the subsequent fiscal year, FY2022/2023, NamRA set a higher target of N$53.4 billion and surpassed it with N$28.3 billion by mid-year.
