The Namibia Revenue Agency (NamRA) says it collected N$52.9 billion in its inaugural year of operation, exceeding its revised revenue target of N$49.44 billion by N$3.5 billion.
The financial report for 2021/22 released by the tax collection agency shows that net domestic tax collection stood at N$34.8 billion, while customs and excise collections amounted to N$18.1 billion for the year under review.
“Despite the economic crisis due to the COVID-19 pandemic, which affected many individual and corporate taxpayers, our revenue collection efforts yielded positive results – even surpassing our revised revenue target of N$49.44 billion,” said NamRA’s Commissioner Sam Shivute.
NamRA said value-added tax (VAT) contributed most to debt collections, amounting to N$400 million or 30% of the total collection.
Income tax contributed N$327 million or 25% of the total while employers contributed N$252 million, or 19%.
“Net domestic tax collection was recorded at N$34.8 billion for FY2021/2 representing 104.5% of the N$33.3 billion estimated for the financial year, while customs and excise collected a cumulative 112.4% of the reporting year’s estimate of N$16.1 billion, having garnered net revenue amounting to N$18.1 billion for FY2021/2,” the NamRA report states.
As part of its Tax Relief Programme, NamRA successfully collected N$1.3 billion from businesses, individuals, trusts, and Government institutions resulting in penalties amounting to N$11.1 billion being waived on all tax types, while N$340 million in interest was reversed.
In total, 47,493 taxpayers registered for the Tax Relief Programme.
“NamRA offered financial relief to taxpayers suffering from the adverse economic impacts of the COVID-19 pandemic by writing off a percentage of the interest and penalties due if arrears taxes were fully paid,” Shivute said.