TUTORIAL 17
ABC Bookshop CC is a resident of Namibia, with a financial year end of 28 th February.
On the 20th of August 2023 the accountant informed the member that the estimated taxable income
until end of August will be N$130,000 and for the year based on the first six months will be
N$260,000.
On 30 June 2024 the accountant informed the member that the actual taxable income was
N$275,000
Calculate the amount paid in respect of the 1st provisional tax payment due on 31st August 2023.
Indicate the date for the final payment for the 2024 year of assessment and also the amount
payable
SOLUTION
1st – 31st August 2023
Based on N$260 000
32% = N$83 200 x 0.40
N$33 280
Top-up Payment – 30th September 2024
Based on N$275 000
32% = N$88 000 less N$33 280 = N$54 720
Change in corporate tax rate to 31%, effective for years of assessments commencing on / after 1 January
2024. The 2024 year of assessment of ABC Bookshop CC commenced on 1 March 2023, hence the 32% tax
rate still applies for the 2024 y.o.a.