Contact Us

Don’t Let the Complexities of Your Financials Burden You Any Longer, get in touch.

Office Hours

Monday to Thursday: 07:30-13:00 and 14:00-17:00
Fridays: 07:30-13:00

Email Us

info@prestige.com.na

Call Us

(064) 406 013 Phone
(064) 403 990 Fax

Visit Us

1st Floor, West Wing,

Makarios Centre,

Cottage Ave, Swakopmund.

Snail Mail

PO Box 2434

Swakopmund

Namibia

How to find us . . .

Tip: Set the map to Satellite

Prestige Accounting & Tax Services

1st Floor, West Wing
Makarios Centre
Cottage Avenue
Swakopmund.

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?
All amounts below the threshold of 50,000 is considered non-taxable for individuals.
Please see individual tax tables.
ONCE MY BUSINESS STARTS EARNING A CERTAIN TURNOVER. WHEN ARE WE ELIGIBLE TO REGISTER FOR VAT?
A person (more fully described as an Individual, company, trust or partnership) carrying taxable activity with a turnover (for a 12 months period future or past) in excess of N$500,000, must register for VAT.
IF I WANT TO REGISTER MY BUSINESS, WHAT OPTIONS FOR REGISTRATION ARE AVAILABLE TO ME AND WHAT ARE THE REQUIREMENTS.
Options are:

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?
Annual Duties are payable to the Registrar of Companies and Close Corporations at the end of the entity’s financial year for validation of the close corporation.
Namibian Body responsible for this is BIPA (Business and Intellectual Property authority).
WHAT ARE THE BENEFITS OF REGISTERING ON ITAS (Namibian Online Tax System)?
The e-filing portal provides advantages such as: No more cues at the Receiver of Revenue offices; you may do this out of the comfort of your own home or traveling; you are provided with reference numbers for follow-ups; you can apply for extensions, good standings or further registrations directly on the portal saving you time and long paper trail.
WHY IS IT IMPORTANT TO ALWAYS DISCUSS YOUR BUSINESS PLANS AND FUTURE PLANS WITH YOUR ACCOUNTANT OR ACCOUNTING OFFICER
It is important to involve your Accounting officer or Accountant in your business plans, as they may be able to assist in certain grey areas, such as sound financial information and sound tax compliance.
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?
Financial statements is important as they contain information about a business’s financial status or health.
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.

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