The Namibia Revenue Agency (NamRA) collected a net amount of N$21.4 billion in revenue during the quarter to 30 June 2024, 25.1% of the total revenue target of N$85.3 billion set for the entire fiscal year.
NamRA’s Commissioner and CEO Sam Shivute said domestic taxes were the primary driver of revenue collection during the period under review, contributing N$13.5 billion or 63% of the total net collection.
He said the remaining N$7.9 billion came from customs and excise duties, predominantly through SACU receipts.
“For the reviewed period from 1 April 2024 to 30 June 2024, NamRA collected a net amount of N$21.4 billion, which equates to 25.10% of the revenue target set for the fiscal year FY2024/2025. Domestic taxes recorded a gross revenue amount of N$15.7 billion, achieving a net collection of N$13.5 billion for the reviewed period,” he said.
He further explained that Value Added Tax (VAT) was the largest contributor to domestic taxes, with a net collection of N$4.98 billion.
The VAT contribution was followed by individual income tax at N$4.74 billion and corporate income tax at N$2.93 billion.
“The revenue generated during this period comprises 63% from domestic taxes and 37% from customs and excise,” he said.
Shivute said NamRA also disbursed N$2.3 billion in refunds to taxpayers during the first quarter with the majority of the refunds, N$2.15 billion, related to VAT.
“In terms of refunds, N$2.3 billion was disbursed to taxpayers following audits and verifications, with N$2.15 billion, accounting for 95%, relating to VAT refunds,” he said.
