The Namibia Revenue Agency (NamRA) says it paid out N$10.4 billion in tax refunds at the end of the 2023-2024 financial year (FY23/24).
The national revenue collector collected N$86.9 billion in revenue, a 107.6% achievement from the N$71.1 billion target set for FY23/24. NamRA netted N$76.5 billion in revenue of as of March 2024 after refunds.
“I am pleased to announce that we achieved a gross revenue collection of N$86.9 billion as of March 2024. Refunds paid out for the period of 1 April 2023 to 31 March 2024 amount to N$10.4 billion. These figures are not just numbers, they represent a significant contribution to the social and economic fabric of our nation,” NamRA Commissioner Sam Shivute said.
The largest portion of tax revenue, according to Shivute, came from the international trade sector, contributing N$25.76 billion or 34% of the total, followed by individual income tax which contributed N$18.19 billion amounting to 24% and value-added tax (VAT) N$17.36 billion which is 23%.
Corporate income tax contributed N$ 11 billion and 14% while CIT and other tax categories made up the remaining 14% amounting to 14,3 billion.
Shivute also highlighted the tax enforcers’ involvement in the development of the One Stop Border Post at the Trans Kalahari-Mamuno Border Post, a project with Botswana aimed at streamlining cross-border trade processes.
“We are also excited about the progress being made in the implementation of the One Stop Border Post at the Trans Kalahari-Mamuno Border Post. The transformations underway are exciting, and we call upon our stakeholders to support and embrace this upcoming development,” he said.
He said NamRA had reviewed and extended its Strategic Plan for the next two financial years.
“This revised plan incorporates nine Strategic Objectives aimed at enhancing operational efficiency, taxpayer compliance, and facilitating legitimate trade across borders.”
