How is PAYE calculated in Namibia?

How is PAYE calculated in Namibia?

What is the formula to calculate PAYE in Namibia? Gross Income = Basic salary + allowances + commissions. Taxable Income = Gross Income – all deductions/exemptions allowed by law e.g. NSSF, private pension.

How much is PAYE tax in Namibia?

The Personal Income Tax Rate in Namibia stands at 37 percent. source: Inland Revenue Department.

What are the current rates for PAYE?

The current tax rates are 20% and 40%. A portion of your income will be taxed at 20% and the remainder will be taxed at 40%.

How do you calculate net normal tax?

Net of tax is the amount obtained after the applicable tax is deducted from the gross income….Therefore, the net income of the company after paying taxes will be:

1. Gross income = $250,000.
2. Corporate tax rate = 35%
3. Tax payable on gross income = $250,000 * 35% = $87,500.
4. Net income after tax = $250,000 – $87,500 = $162,500.

How do I calculate my tax?

Following are the steps to use the tax calculator:

1. Choose the financial year for which you want your taxes to be calculated.
2. Select your age accordingly.
3. Click on ‘Go to Next Step’
4. Enter your taxable salary i.e. salary after deducting various exemptions such as HRA, LTA, standard deduction, and so on. (

How do I calculate my PAYE?

Example

1. Year-to-date remuneration = R10,000.
2. Annual equivalent = R10,000 x 12/1 = R120,000.
3. Tax calculated on R120,000 as per tax tables = R7,533.
4. PAYE payable for March = R7,533 x 1/12 = R627.

How do I calculate my gross PAYE?

What is the formula for calculating PAYE in Kenya?

1. Gross Income = Basic salary + allowances + commissions.
2. Taxable Income = Gross Income – all deductions/exemptions allowed by law e.g. NSSF, private pension.

How do you calculate tax on net income?

Now, one pays tax on his/her net taxable income.

1. For the first Rs. 2.5 lakh of your taxable income you pay zero tax.
2. For the next Rs. 2.5 lakhs you pay 5% i.e. Rs 12,500.
3. For the next 5 lakhs you pay 20% i.e. Rs 1,00,000.
4. For your taxable income part which exceeds Rs. 10 lakhs you pay 30% on entire amount.

How do you calculate how much tax you pay?

Calculating Effective Tax Rate The most straightforward way to calculate effective tax rate is to divide the income tax expense by the earnings (or income earned) before taxes. Tax expense is usually the last line item before the bottom line—net income—on an income statement.

How much tax do you pay in Namibia?

The legislation imposes the obligation on the Namibian resident to withhold a 10% tax on such fees paid to the non-resident.

What does the Namibian national flag stand for?

The National Flag is a symbol of our struggle for national unity. It symbolises peace, unity and a common loyalty to Namibia. The National Flag represents the nation in every aspect.

Is there stamp duty on shares in Namibia?

Stamp duty is payable at 0.2% on the issue or transfer of shares. Shares listed on the Namibian Stock Exchange are exempt from this duty. Stamp Duty is also imposed on the acquisition of immovable property and a range of other instruments.

When do you have to pay payroll in Namibia?

Namibia payroll processing involves a degree of regulatory complexity – while it may be possible to handle payroll administration in-house, foreign businesses may wish to engage an outsource organisation to bring in a degree of territorial compliance expertise. Payments to Namibia’s Inland Revenue must be submitted by the 20th of each month.