Despite the Namibia Revenue Agency’s (NamRA’s) efforts to clear a longstanding tax refund backlog, more than N$60 million in refunds for over 31000 individuals are currently on hold.
NamRA has revealed that over N$60 million in tax refunds are on hold due to incomplete returns and missing banking details. The agency is urging taxpayers to update their records to ensure prompt processing of refunds. Despite this, NamRA has paid out more than N$75 million to over 50,800 taxpayers between October 23 and November 1, 2024.
A third batch of refunds, estimated at over N$200 million, is set to be processed later this month. These refunds will cover tax credits ranging from N$101 to N$100,000. NamRA is committed to clearing the backlog and refunding eligible taxpayers in accordance with the Income Tax Act.
Finance Minister Iipumbu Shiimi highlighted that recent tax reforms have provided relief, injecting over N$640 million back into the economy. The income tax threshold has been raised to N$100,000, exempting employees earning less from PAYE tax. This change aims to ease the financial burden on Namibians, especially amidst rising living costs.
The tax reform allows more taxpayers to qualify for refunds, with NamRA focusing on improving service delivery. The agency continues to encourage taxpayers to update their banking details to avoid missing refunds.
