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.

The Minister of Finance and Public Enterprise, Iipumbu Shiimi, says the African Continental Free Trade Area (AfCFTA) is a high-ambition trade agreement with a comprehensive scope that includes critical areas such as digital trade and investment protection.

Members of Parliament have commended the Minister of Finance and Public Enterprises, Iipumbu Shiimi, for his efforts in presenting a substantial increment in this year's national budget. 

The Minister of Finance and Public Enterprises, Iipumbu Shiimi, announced a substantial increase in funding for sports during his delivery of the 2024/25 budget in the National Assembly.

Finance and Public Enterprises Minister Iipumbu Shiimi says the projected economic recovery is not expected to address pervasive and entrenched national challenges.

Tabling the national budget, Shiimi said it is therefore urgent that Namibia's economy be diversified.

Finance and Public Enterprises Minister Iipumbu Shiimi tabled a N$100.1 billion national budget in the National Assembly this afternoon.

This is the first time Namibia's national budget exceeds the N$100 billion mark.

Some members of the National Council welcomed the drought relief budget allocation following the adjustment of the amount by the Minister of Finance and Public Enterprises.

Despite economic challenges, Namibia has displayed resilience, with an estimated growth rate of 3.5% in 2023.

The public debt stock is expected to reach N$153.8 billion of the gross domestic product (GDP), showing a slight improvement from the previous year.

The Minister of Finance and Public Enterprises, Iipumbu Shiimi, unveiled the financial adjustments during the presentation of the N$4.8 billion 2023–2024 Appropriation Bill.

An additional budget of N$643 million will go towards the drought relief programme under the Office of the Prime Minister.