Regulatory updates - Namibia

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2024-03-22

Namibia envisions introducing VAT e-invoicing during the 2024/25 financial year

On 28 February Namibia`s Minister of Finance and Public Enterprises, Iipumbu Shiimiin, announced in his budget statement for the fiscal year 2024/25, that the country will introduce an e-invoicing system.

The system will be set up together with the Namibia Revenue Agency (NamRA) during the coming financial year (1 April 2024 until 31 March 2025) and will integrate cash registers at businesses with the Integrated Tax Administration System (ITAS).

The proclaimed goal of this initiative is to digitize the country further and to allow for a more efficient collection and monitoring of VAT tax data. It is expected to reduce the administrative burden, lower compliance costs, and minimize VAT fraud.

At the same time, Iipumbu Shiimiin announced that the mandatory VAT registration threshold for SMEs is increased from NAD 500 000 (ca. EUR 24 400) to NAD 1 000 000 (ca. EUR 48 800).