Don’t Let the Complexities of Your Financials Burden You Any Longer, get in touch.
Monday to Thursday: 07:30-13:00 and 14:00-17:00
(064) 406 013 Phone
(064) 403 990 Fax
1st Floor, West Wing,
Cottage Ave, Swakopmund.
PO Box 2434
How to find us . . .Tip: Set the map to Satellite
Prestige Accounting & Tax Services
Frequently ask questions
HOW DOES PROVISIONAL TAX WORK AND WHO NEEDS TO REGISTER
Provisional tax is paid by people who earn additional taxable income, other than salary/wage income paid by an employer. If you earn N$50,000 or more from which no employees tax is withhold, you are liable for provisional tax.
Individual provisional taxes are due for payment first in August, second in February and a final payment by September of that year.
Your first payment and second payment should add up to 80% of you yearly taxable income and periods may vary according to a company’s financial year end
IF I EARN 100,000 PER ANNUM WHAT WOULD MY TAX BE AS AN INDIVIDUAL AND DOES IT DIFFER AS MY INCOME CHANGE?
Please see individual tax tables.
ONCE MY BUSINESS STARTS EARNING A CERTAIN TURNOVER. WHEN ARE WE ELIGIBLE TO REGISTER FOR VAT?
IF I WANT TO REGISTER MY BUSINESS, WHAT OPTIONS FOR REGISTRATION ARE AVAILABLE TO ME AND WHAT ARE THE REQUIREMENTS.
1. Close Corporation – is a registered business defined in terms of Section 1 of the Close Corporation Act.
Its members may be natural persons only and can consist of up to ten members
2. Sole Proprietor – a sole proprietorship is not a legal entity.
It simply refers to a person who owns a business and is personally responsible for its debts. Sole proprietors can register a defensive name at BIPA.
3. Company (Pty Ltd – Pty stands for Proprietary Limited which means it is a
privately held company may have up to 50 shareholders.
WHY ARE WE AS CC MEMBERS OBLIGATED TO PAY ANNUAL DUTIES AND WHAT DOES IT MEAN?
Namibian Body responsible for this is BIPA (Business and Intellectual Property authority).
WHAT ARE THE BENEFITS OF REGISTERING ON ITAS (Namibian Online Tax System)?
WHY IS IT IMPORTANT TO ALWAYS DISCUSS YOUR BUSINESS PLANS AND FUTURE PLANS WITH YOUR ACCOUNTANT OR ACCOUNTING OFFICER
Assistance with advice on investment possibilities. Your accountant can on the hand of previous financial information advise if you are making a good and sound investment. Should you be selling your business, ensure that all the required financial information is up to date and determine taxability.
WHY ARE FINANCIAL STATEMENTS IMPORTANT FOR A BUSINESS?
It also assists in decision making, and investors and creditors rely on financial reports for securing investment.
Financial statements are also essential for the various regulatory bodies such as tax authorities and local banks.