- Finance and public enterprises minister Iipumbu Shiimi exempted SMEs making less than N$1 million annually from paying VAT
- The move is expected to benefit 23,000 SMEs
- Namibia Chamber of Commerce and Industry (NCCI) president Bisey /Uirab welcomed the decision, stating it will allow businesses to reinvest their earnings
- Shiimi raised the ceiling for businesses liable for paying VAT from N$500,000 to N$1 million
- The budget also includes lifting the threshold for low pay-as-you-earn for individuals from N$50,000 to N$100,000
- The move has been praised for improving the buying power of Namibians
- Namibia Investment Promotion and Development Board CEO Nangula Uaandja believes the budget will create opportunities for employment and economic growth
- Namibia Local Business Association VP Peter Amadhila calls for the government to focus on generating revenue from natural resources
- Economist Angelique Bock believes Shiimi’s decision to offer relief to small businesses is long overdue
Source: namibian.com.na
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
