THE Namibia Chamber of Commerce and Industry (NCCI) is happy with Shiimi’s midterm budget, which embraced the private sector’s recommendations.
In a media release on Thursday, NCCI chief executive Charity Mwiya said all too often, advice given to the government over the years has been conveniently ignored.
Mwiya said the non-mining company tax rate would be reduced by two percentage points, one percent annually over the remaining two years of the Medium-Term Expenditure Framework.
“Although it remains higher in comparison to neighbouring countries, effectively the tax rate reduces to 31% in the 2024/25 financial year, and to 30% in the 2025/26 financial year,” Mwiya said.
Mwiya applauded the government for committing to increase the threshold for income tax on individuals from the current N$50 000 to N$100 000 thereby providing relief for low-income earners.
Mwiya also thanked the government for fast tracking the implementation of a business rescue fund, which is another commendable development.
Caption: Charity Mwiya
