Namibia

Namibia

Reduces corporate taxes and introduces new fiscal incentives

28 Feb 2024

On 28 February 2024, Namibia released its Budget for the 2024/25 fiscal year, which includes significant changes to the corporate tax structure. The non-mining corporate tax rate will be lowered to 31 per cent from 1 January 2024, and to 30 per cent from 1 January 2025. The rate will be further reduced to 28 per cent starting in the 2026/27 fiscal year. Additionally, companies will be permitted to carry forward losses for up to five years, or up to ten years for natural resources companies.