Economist Mally Likukela unpacked the potential effects and challenges of the 2024/25 budget review tabled by the Minister of Finance, Iipumbu Shiimi, in October last year.

According to him, the budget review is well aligned with the fiscal policy processes.

Finance and Public Enterprises Minister, Iipumbu Shiimi, has called on institutions to submit their annual reports on time, as required by law. 

Shiimi commended the Namibia Revenue Agency (NamRA) on the punctual submission of its 2023/2024 annual report.

The Minister of Finance, Iipumbu Shiimi, has announced significant tax reforms and budget adjustments aimed at supporting the economy and providing relief to taxpayers.

Finance Minister Iipumbu Shiimi's mid-term budget features a N$1.1 billion allocation to the goods and services across various government departments.

This includes a specific allocation of N$200 million aimed at supporting the Electoral Commission of Namibia (ECN).

Finance Minister Iipumbu Shiimi was unable to present the mid-term budget statement this afternoon due to a lack of a quorum.

National Assembly Deputy Speaker, Loide Kasingo, adjourned the house minutes into the sitting.

The Minister of Finance and Public Enterprises, Iipumbu Shiimi, says the recently effected Tax Amendment Act holds more benefits than a reduction in individuals tax bill.

Minister of Finance and Public Enterprises, Iipumbu Shiimi, has said employees whose employers are not reimbursing the Pay As You Earn (PAYE) from the income tax amendments can claim their money from the Namibia Revenue Agency (NamRA) as of February 2025.

Namibia is recognised by the World Economic Forum (WEF) as one of the countries in Africa with the highest quality roads. 

For the fifth consecutive year, the country has maintained its leading position in road infrastructure on the continent. 

Businesses with a turnover below N$1 million may no longer be required to register for VAT or file returns if amendments to the Value-Added Tax Act are approved.

Namibia's borrowing and debt levels have been a concern in recent years, but are now under control and are showing a decline since the beginning of this year.
 
Finance and Public Enterprises Minister, Iipumbu Shiimi, said the country's debt level is still sustainable and within controllable levels.