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PROUD PARTNERS & CONTRIBUTORSPROUD PARTNERS & CONTRIBUTORSPROUD PARTNERS & CONTRIBUTORSPROUD PARTNERS & CONTRIBUTORSPROUD PARTNERS & CONTRIBUTORS
NAMIBIABUDGET
2021/22
Time To Take
PHOT
O fr
eePi
k
our medicine
The beginning of 2020 was characterised by hope and optimism of a prospect for better economic performance
and an accompanying gradual exit from the recessionary web in which Namibia was caught for a number of years. The government undertook fiscal consolidation as a necessary imperative to safeguard macroeconomic stability.
Although the challenges caused by COID-19 will persist and may do so for a foreseeable time into the future, in the long-term it required from the policy makers to exercise more resilience and decisiveness in redirecting policy to where it will have a greater social and economic impact.
Over and above the efforts to stabilise the economy and interventions against Covid-19, including acquiring vaccines, government need to implement the necessary public sector reforms, including measures to tame the excessive public service wage bill, re-organisation of poor performing state owned enterprises and investing smartly in infrastructure projects that have more positive spin-offs to the economy and communities, especially in the rural areas.
Critical rural sectors such as agriculture with opportunities for value addition for instance offer the best possible opportunities to empower a larger number of our people and lift them out of poverty, and create self-sufficiency, especially in terms of food production – key lesson from the prevailing pandemic.
We commit, as we have done before in word and deed, to support all necessary
and timely interventions to set Namibia on course for economic recovery. This is indeed very much aligned to our purpose as a bank, Namibia is our home and we drive her growth.
We are truly committed to seeing a thriving economy, and seeing the devastation caused by the Covid-19 pandemic, we have collaborated with government agencies and other stakeholders to minimize the impact of the pandemic on our communities.
In addition to our flagship Buy a Brick project, our corporate social responsibility initiative aimed at alleviating the plight of shack dwellers, we have directed our focus during the pandemic to providing basic necessities and support to communities who were most vulnerable and susceptible to contacting and spreading the virus. Our affected clients were given a relief to restructure their loans on reasonable terms, taking into account the hardship brought about by the pandemic. These interventions were aimed at saving jobs and preventing a large number of businesses from financial distress.
As we anticipated, this year’s budget has addressed the immediate needs of the continued fight against Covid-19 as well as resuscitating the economy in the short term whilst creating a clear path toward long term economic growth while safeguarding our sacrosanct macroeconomic stability and fiscal sustainability. This budget seeks to encourage more private sector participation in the economy which will go a long way toward sustainable growth and prosperity.
PwC Windhoek:Tel: +264 61 284 1000
PwC Walvis BayTel: +264 64 217 700
PwC ContactsChantell HusselmannCountry Senior Partner &
Tax LeaderTel: +264 61 284 1327
Ansie RossouwPartner in Charge - Walvis Bay
Tel: +264 64 217 [email protected]
www.pwc.com.na
Standard Bank Contacts:Nelson Lucas
Head | Corporate and Investment Banking | Namibia
Tel: +264 61 294 [email protected]
Magreth MengoHead | Marketing &
Communications | NamibiaTel: +264 61 294 2421
Standard Bank Head OfficeTel: +264 61 294 9111
Customer Contact CentreTel: +264 61 294 2126
www.standardbank.com.na
Liberty Life Namibia Contacts:Monique Cloete
Managing Director | Liberty Life Namibia
Tel: +264 61 294 [email protected]
Johannes GelderblomHead of Finance | Liberty Life
NamibiaTel: +264 61 294 4716
[email protected] www.liberty.co.na
Foreword
Today, PwC Namibia in collaboration with Standard Bank Namibia, Liberty Life Namibia and Namibia Media Holdings once again have
the pleasure of presenting the Namibian Budget Overview publication to our readers. As the Minister of Finance, Honourable Iipumbu Shiimi has tabled the 2021/22 Annual Budget Speech in parliament yesterday, our teams have successfully analysed and unpacked key highlights of the national budget in this publication.
As of last year March, we all have embarked on a journey of change as the COVID-19 pandemic overtook the globe. Navigating through the unknown has been challenging to many and we find ourselves adapting to the new normal of life. The pandemic has adversely impacted not only the global economy, but the Namibian economy at large. As we come to terms with the pandemic, our main focus should be following the road to recovery.
We thank the Namibia government for their efforts in assisting the business community during these tough times, including the 2020 launched ‘Economic Stimulus and Relief package’. Furthermore, the decision by the Monetary Policy committee at Bank of Namibia to keep the repo rate unchanged and not increase such, is widely welcomed by Namibians. Unfortunately, due to the impact on the international oil market, the recent fuel price increase adds pressure to the economy with inflationary price increases throughout.
This year’s theme to our annual budget speech review is ‘Time to take our medicine’. Based on the World Health Organisation, as of 18 February 2021, at least seven different vaccines across three platforms have been rolled out in countries. As COVID-19 vaccines are being rolled
Vetumbuavi MungundaChief Executive Standard Bank Namibia
Contacts
Chantell HusselmannPwC Namibia Country Senior [email protected]
out globally, healthcare workers and the vulnerable population are likely to be first in line for vaccination.
As we patiently await the COVID-19 vaccine roll-out in Namibia, I would like to encourage each citizen to ‘do their part’ in combating the spread of this virus. As mentioned by H.E. President Hage Geingob, our only line of defence remains the ‘national response measures towards COVID-19’. It is therefore imperative for each of us to wear our face masks in public spaces, maintain social distancing and avoid mass gatherings.
With that being said, the month of March 2021 brings forth two important commemorations, being International Women’s Day which took place on the 8th of March and the upcoming Independence Day on the 21st of March. This year’s theme for International Women’s Day was ‘Choose to Challenge’, which focuses on challenging to bring change towards forging a gender equal world. As we celebrate women across the globe, I commend my female counterparts for their braving leadership and invaluable contribution towards Namibia and the business community at large.
This month, we also celebrate 31 years of independence in Namibia. It is admirable to see how far we have come as fellow Namibians, embracing diversity and inclusion throughout. The COVID-19 pandemic has proven that we can stand together strongly, irrespective of our cultural background or views, in overcoming challenges we all face. As we continue to steer through these challenging times, we do trust this publication provides Namibians with better insight and understanding on Namibia’s current financial outlook, budget announcements and proposed policies. As
themed, ... on our road to recovery, it is time to take our medicine….
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TheHonourableMinisterofFinance,IpumbuShiimimadeanumberofannouncementsontaxpolicyandadministrationreforms.Thiswasdonewiththeaimtostrengthenfairandequitableprinciples of the tax system and also ensuring increased compliance by more effectivelyadministering taxes. The majority of the proposals are likely to be implemented in the2022/2023budgetyear.TheMinisterseemstohaveconsultedwidelyonthepotentialimpactoftheprevioustaxproposalsandhavetakentheseconsultationsintoaccountinmakingthementionedproposals.WewelcomethefactthatnewinvestmentincentivesareproposedtoberolledoutundertheSpecialEconomicZonepolicyframework.WetrustthatthisalongwiththetablingoftherevisedNamibiaInvestmentPromotionBillandtherevisedNEEEBBillthatwillbetabledlaterthisyearwillachievethedesiredresultsintermsofincreasedinvestmentintotheLandoftheBrave.
DuringtheBudgetspeechtabledtheHonourableMinisterofFinanceannouncedtheincreaseinsintaxeseffective24February2021inlinewiththeSACUagreement.Overallitrepresentsanincreaseof8%ontheprioryear.Furtherproposalstotakenoteofthatmaybeimplementedinthenearfutureisthezero-ratingforVATpurposesonthesupplyofsanitarypads.Itwasalsoannouncedthateffortswillbeconductedtowardsthereviewingandstrengtheningofthefreighttaxprovisionstoensurethatthereisequitablecomplianceacrosstaxpayersandtraders.AnunexpectedannouncementwasmadeintermsofreviewingthewittholdingtaxoninterestfromunittrustsinrespectofNamibiancompanies,andweareeagertoobtainmoreclarityonthematterasthismayrelatetoNamibiancompaniespotentiallyreceivinglessinvestmentincome.
Itiswithreliefonceagainthatnoincreaseintaxrateswereannounced.Similaryitiswithgreatappreciationthatnewtaxesthathavebeenproposedinthepastarenotbeingintroducedinthecurrentyear.TheMinister indicatedthatcertain longawaitedtaxproposalswouldmostlikelybe introduced in the2022/2023budgetyear.Thisgives taxpayers thebenefitof timetoplanaccordinglyforchangesintaxlegislationandtheimpactontheirbusiness.ThemostsignificantofthesearetheintroductionofthelocalwithholdingtaxondividendsandthelevyingofVATat15%onthemanagementfeesoflistedassetmanagers.Furthergoodnewsisthatthetaxratefornon-miningcompaniesmayreduceinthenearfutureandwillbecommunicatedintheMidYearBudgetReviewduringOctoberofthisyear.
AnumberofchangesintaxpolicyandtaxadministrationwasmentionedduringthebudgetspeechthisyearbytheHonourableMinisterofFinance.Theyare likelytotakeeffect inthe2022/2023budgetyear.Theadministrationofwithholdingtaxonserviceswouldbeamendedtorequireproof thatwithholdingtaxwas in factpaid,beforetheserviceswouldbeallowedasa taxdeduction.Weview this as apositive change thatwill increasecompliance in thewithholdingtaxspace.TheincreaseinthethresholdfordeductionsfromN$40,000perannumtoN$150,000perannumrelatingtocontributionstowardspension,retirementandeducationalpoliciesisalsolikelytocomeintoeffectinthenearfuture.ThiswillensurethatNamibianssavemoreforretirement.ThelongawaitedNamibiaRevenueAgencyisplannedtobeoperationalonthe7thofAprilthisyear.Welookforwardtothepositivechangethatthiswillbringinensuringtaxcomplianceandeffectivenessoftaxadministrationaffairs.
1. VAT Zero rating on the supply of sanitary pads to enhance affordability by the girl child.
2. Introduction of a 10% withholding tax on dividends paid to Namibians whilst ensuring that dividends are not taxed more than once.
3. Increased deductibility on pension, retirement and educational policy contributions from N$ 40 000 per annum to a maximum of N$ 150 000. This is aimed at encouraging savings for retirement purposes.
4. The Introduction of 15% VAT on the management fees of asset managers registered under the Stock Exchange Control Act in ensuring fairness.
5. Enforce the tax administration of withholding tax on services by requiring taxpayers to provide proof of actual tax withheld from payments before the services will be allowed as an income tax deduction
6. Strengthen the administration of freight tax provisions as prescribed
7. Review the withholding tax on interest
from unit trust funds paid to Namibian companies
8. Consider reducing the corporate income tax rate for non-mining companies in the next MTEF. Specifics will be announced during the Mid-Year Budget Review in October this year
9. Rolling out of new investment incentives by finalising the Special Economic Zone policy framework.
10. The official launch of the long awaited Namibian Revenue Agency is planned for 7 April 2021.
Tax Proposals Mentioned for the 2022/2023 financial year
Government Expenditure by Department for 2021/22
Budget Snapshot
1. The budget was delivered under the theme of "Boosting
Resilience and Recovery' and aims to achieve the main goal
of reigniting resilience and for Namibia to prosper again. The
budget allocates resources to the following main domains:
a. providing for the vaccine acquisition and distribution needs
in the health sector.
b. supporting economic recovery objectives.
c. ensuring the continued provision of essential public
services.
d. shielding communities against drought spells, especially in
the Kunene Region
2. Budget revenue is projected to decline by 6.1 percent to N$52.1
billion. This is largely due to the expected contraction in SACU
receipts. Over the remainder of the MTEF, revenue is forecast
to gather pace at an average rate of 4.8 percent as domestic
economic activity and regional trade picks up.
3. The proposed expenditure equates to 36.8 percent of GDP
amounting to N$67.9 billion which is 5.8% less than the prior
year budget. Out of this, N$8.5 billion is earmarked for interest
payments whilst non-interest operational expenditure is
budgeted at N$53.9 billion, corresponding to 29.2 percent of
GDP. The development budget stands at N$5.6 billion or 3.0
percent of GDP
4. The budget deficit is estimated at 8.6 percent of GDP and it
is projected to decline to about 5.5 percent by the end of the
MTEF.
5. As a result of increasing financing requirements, public debt
would rise to about N$130.1 billion of GDP.
6. The implementation of the Presidential Economic Recovery
Plan includes the following strategic interventions:
a. Attraction of private sector investment, both domestic and
foreign, in the priority sectors such as agriculture, agro
processing, energy, tourism and the green and blue economies
and economic diversification objectives
b. Public Enterprises reform through the Public Asset Ownership
Policy
c. Continued implementation of the wage bill reform, centred on
net vacancy freeze and potential voluntary early retirement
d. Reforms of the Public Service Medical Aid Scheme (PSEMAS)
e. Reforms in public finance management through the finalization
of the Public Procurement Amendment Bill and the Public
Finance Management Layman's Bill by the end of the 2021/22
financial year
f. Undertaking financial sector reforms by reviewing certain
provisions of the Financial Institutions and Markets Act and
putting into operation the Central Securities Depository and
tabling the Banking Institutions Bill
7. The domestic economy is projected to have a moderate growth
of 2.1% in 2021, 2.8% in 2022 and about 3.4% over the MTEF.
8. Following consultations with the Namibia Chamber of
Commerce and Industry (“NCCI”) Government decided to not
increase the general income tax rates, taking also into account
that economic recovery is paramount.
9. Accelerating implementation of reforms to improve the
domestic investment climate by tabling the reviewed Namibia
Investment Promotion Bill and the National Equitable Economic
Empowerment Bill during the 2021/22 year.
2021/2022 Budget Overview
58,4
25
67,3
43
(8,918)
55,4
57
72,1
05
(16,648)
Overall Budget Analytics - N$ mil2019/20
Actual2020/21
Estimates2021/22
Projection
GDP 178,940 174,979 184,778
Tax Revenue 54,705 52,239 48,512
Non-Tax Revenue 3,611 2,952 3,479
Return on Capital from Lending & Equity Participation 11 0 0
External Grants 98 266 73
Loan Proceeds 0 0 0
Total Revenue 58,425 55,457 52,065
As % of GDP 32.70% 31.70% 28.20%
Total Expenditure -67,343 -72,105 -67,950
As % of GDP 37.60% 41.20% 36.80%
Total Budget Deficit -8,918 -16,648 -15,885
As % of GDP -5.00% -9.50% -8.60%
Public Debt 100,399 109,476 130,060
As % of GDP 56.10% 62.60% 70.40%
Revenue & Expenditure Comparison - N$ mil
80 000
70 000
60 000
50 000
40 000
30 000
20 000
10 000
(10 000)
(20 000)
N$
mill
ions
Revenue Expenses Deficit
52,0
65
67,9
50
(15,885)
2019/20 2020/21 2021/22
Tax Revenue 2021/22
Customs & Excise Duties
VAT
Individual Income Tax
Corporate Income Tax
Other Taxes
Property Taxes
30%
22%
29%
15%
4%
0%
Debt FinancingDebt Financing plan for the Medium Term Expenditure Forecast (MTEF) for 2020/21 to 2021/22
Total Debt Stock (N$)
Foreign Debt33,644 mil
Domestic Debt75,832 mil
2020/21
Foreign Debt33,093 mil
Domestic Debt96,967 mil
2021/22
SACU Receipts
22,252
18,922
2019/20
25,000
20,000
15,000
10,000
5,000
N$
mill
ions
2020/21 2021/22
14,750
2021/22 Excise Duty effective 24 February 2021
Product Excise Duty Increases
Malt Beer (5% Alcohol) 14 cents per 340ml
Unfortified wine26 cents per 750ml
bottle
Fortified wine44 cents per 750ml
bottle
Sparkling wine86 cents per 750ml
bottle
Ciders & Alcoholic fruit beverages
14 cents per 340ml
SpiritsN$5.50 per 750ml
bottle
CigarettesN$1.38 per packet
of 20
SACU Revenues and Excise Duty Increases
Non-Tax Revenue 2021/22
Fines &Forfeitures
(3% of non-taxrevenue)
N$90 mil
Entrepreneurial& Property
Income (18% of non-tax revenue)
N$613 mil
Admin fees, charges and incidental sales
(80% of non-tax revenue)N$2,776 mil
Education, Art & Culture
Finance
Health and Social Services
Home Affairs, Immigration, Safety & Security
Gender Equality, Poverty Eradication & Social Welfare
Defence
Higher Education, Training and Innovation
Transport
Urban and Rural Development
Other
N$ Millions2020/21Revised
2021/22Budget % change
Education, Arts and Culture 14,512 13,778 -5%
Finance 14,424 13,197 -9 %
Health and Social Services 8,052 8,081 0 %
Home Affairs, Immigration, Safety & Security
5,949 5,712 -4 %
Gender Equality, Poverty Eradication and Social Welfare
5,413 5,445 1 %
Defence 6,224 5,429 -13 %
Higher Education, Training and Innovation
3,227 3,147 -2 %
Transport 2,319 2,507 8 %
Urban and Rural Development 1,646 1,614 -2 %
Other 10,341 9,041 -13 %
Total 72,106 67,950 -6 %
Government Expenditure by Main Items for 2021/22
N$ Millions
2019/20 2020/21 2021/22
Personnel Expenditure 29,570 28,681 28,459
Goods and Services 7,085 9,413 7,771
Subsidies and Other Current Transfers
16,775 18,811 17,191
Interest Payments and Borrowing Related Charges
6,886 7,738 8,500
Capital Transfers 943 1,420 1,323
Acquisition of Capital Assets 5,327 5,336 4,706
Guarantees 823 706 0
Total Operational and Development Expenditure (A)
61,139 65,350 61,921
Total Capital Expenditure (B) 6,270 6,756 6,029
Total Expenditure (A) + (B) 67,409 72,106 67,950
Expenditure (Development and Operational)
Spending as % of GDP
Fiscal targets
36.8%
Deficit as % of GDP
8.6%
Revenue as % of GDP
28.2%
PwC
20%
19%
12%8%
8%
8%
5%
4%2%
13%
2021/22
Education, Arts and Culture
Finance
Health and Social Services
Home Affairs, Immigration, Safety & Security
Gender Equality, Poverty Eradication and Social Welfare
Defence
Higher Education, Training and Innovation
Transport
Urban and Rural Development
Other
Operational Expenditure
Capital Transfers
(N$2.5mil.)
Goods & Services(N$7,499
mil.)
Interest & Borrowing charges(N$8,500
mil.)
PersonnelExpenditure(N$28,459
mil.)
Subsidies and Other Transfers(N$17,191
mil.)
Acquisition of Capital Assets
(N$745mil.)
Comparison 2020/21 to 2021/22 (N$ millions)
2020/21 2021/22 % change
14,5
12
5,94
9
5,41
3
6,22
4
3,22
7
13,7
78
5,71
2
5,44
5
5,42
9
3,14
7
-5%
9,04
1
10,3
41
8,05
2
8,08
1
14,4
24
13,1
97
1%
1,64
6
1,61
4
-2%
2,31
9
2,50
7
OtherHigher Education, Training & Innovation
Gender Equality, Poverty
Eradication & Social Welfare
Health & Social
Services
TransportFinanceEducation, Arts
and Culture
Defence
0%
Ministry of Home Affairs, Immigration,
Safety & Security
Urban and Rural
Development
-9%
-4% -13%
-2%8%
-13%
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The publication will explore economic opportunities
in various sectors, including construction, fisheries, telecommunications, mining, as well as wholesale and retail trade. It will examine the tangible opportunities in Namibia for the private sector to invest in as it takes hands with government to get the country back on a path of sustainable economic growth.
This year, A Working Nation focuses on
Namibia’s economic recovery post-recession
and post-Covid-19.
A WO RKING N AT IO N 2021
will add significant value in its dis-semination of information to a general readership and all stakeholders.
TO BE PART OF THIS EDITION CONTACT:Anoesga Du Toit at 061 297 2065 or [email protected]
BOOKING DEADLINE: 16 April 2021
Excise Duty on a Packetof Cigarettes
Standard Packet of Cigarettes (20 units) - Total Cost of N$44.99
Composition in terms of Cigarette Units
VAT (13%)Excise Duty
(Sin Tax)(42%)
Actual Cost(45%)
VAT Charge = N$5.87
Excise Duty (Sin Tax)Charge = N$18.78
Actual Cost of packet =N$20.34
9 cigarettesActual Cost
8 cigarettes 3 cigarettes
ContributionExcise Duty (Sin Tax) VAT Contribution
1. Based on the average price of a packet of 20 cigarettes purchased in a retail store located in Windhoek;
2. For this analysis, statistics were rounded to the nearest whole number; and
3. The above schematic presentation depicts the best estimate of taxes payable, upon the purchase of cigarettes. It may not be a fully accurate portrayal, as costing may fluctuate.
Assumptions:
© 2021 PricewaterhouseCoopers (“PwC”), the Namibian Firm. All rights reserved. In this document, “PwC” refers toPricewaterhouseCoopers Namibia, which is a member firm of PricewaterhouseCoopers International Limited (PwCIL ),each member firm of which is a separate legal entity and does not act as an agent of PwCIL.
Anneri Luck Senior Manager – Corporate [email protected]
PwC Namibia Tax Experts
Our purpose is to build trust in society and solve important tax problems.
Chantell HusselmannCountry Senior Partner & Tax [email protected]
Johan NelCorporate Tax [email protected]
Riana EsterhuyseTax Associate Director [email protected]
Ansie RossouwPartner in Charge - Walvis Bay
Whk
WvB
Audrey van Antwerpen Senior Manager – Indirect Tax
Richelle Coetzee Manager – Tax [email protected]
Stefan SwartzManager – Corporate Tax
Memory Mbai Senior Manager – Indirect [email protected]
Bianca Cooper Manager – Indirect [email protected]
Jacques van Zyl Manager – Tax [email protected]
Carmen Fransman Manager – Indirect [email protected]
Jacolene Briers Manager – Tax [email protected]
Dolly MoutonManager – Tax [email protected]
Windhoek344 Independence AvenueTel: +264 61 284 1000Fax: +264 61 284 1001
Walvis Bay1st Floor, PwC Building, 122 Theo Ben Gurirab StreetTel: +264 64 217 700Fax: +264 64 217 800
Stanley NeumannManager – Tax [email protected]
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