NamRA pays nearly N$5bn in VAT refunds

The Namibia Revenue Agency (NamRA) paid out N$4.8 billion in refunds to taxpayers from 1 April to 30 September this year, after the conclusion of audits and verifications.

A total of N$4.6 billion, or 96% of the amount, relates to value-added tax (VAT) refunds, NamRA said in its latest newsletter.

Domestic taxes collected a gross revenue of N$28.5 billion and a net collection of N$23.6 billion which equates to 56.5% of the annual target.

Customs and excise collected a net revenue of N$13.8 billion, which represents 53.1% of the annual target. The customs and excise collection is predominantly made up of receipts from the Southern African Customs Union (Sacu).

For the period under review, NamRA collected a net amount of N$37.4 billion in revenue which equates to 55.2% of the annual target set for financial year starting on 1 April 2023 and ending on 31 March 2024.

The revenue of N$37.4 billion collected at 30 September 2023 was made up of 63% generated from domestic taxes and 37% from customs and excise.