The Government Institutions Pension Fund (GIPF) has announced that it will provide tax payment relief refunds to its tax-paying and qualifying pensioners, as well as spousal and child beneficiaries, on 28 November 2024.
This move is in line with the Income Tax Amendment Act, 2024, and Government Gazette (No. 8442), which became effective on 1 March 2024.
“I am elated that our members can now breathe a sigh of relief as all individual taxpayers will be exempt from paying tax on the first N$100,000.00 of their income. However, we ask for patience as the Fund finalizes the payment logistics,” said GIPF CEO and Principal Officer, Martin Inkumbi.
This announcement follows the government’s decision to amend the income tax threshold for individuals, raising it from N$50,000 to N$100,000.
The government’s revised tax reforms are expected to put N$646 million back into the pockets of taxpayers by exempting all individual taxpayers from paying tax on the first N$100,000 of their income, starting from 1 March 2024.
