NamRA records total revenue of N$86 billion

Stefanus Nashama

The Namibia Revenue Agency (NamRA) has collected a total revenue of N$86 billion for the 2023/24 financial year which is an increase of N$24.5 billion when compared to the previous financial year.

NamRA’s commissioner, Sam Shivute, shared this on Wednesday at the agency’s 2024 Taxpayer and Trader Appreciation Day event.

According to Shivute, the agency was able to exceed its target for this year, which was initially set at N$67 billion and later adjusted to N$71 billion.

“Our strategic objective is to improve revenue collection. I am very happy to inform the public that we are well on course to achieve our revenue target. Initially, the revenue target was set at N$67 billion and we had to collect it by the end of March. When the minister performed the midterm budget review, the target was adjusted to N$71 billion. I am very happy to report on our fast-tracked collection when compared to the previous financial year,” he said.

Shivute revealed that only five percent of the tax revenue comes from the highest contributors such as Debmarine Namibia, MultiChoice Namibia and Namibia Breweries.

He used the platform to emphasise the improved revenue collection, saying only if taxpayers and traders pay on time will improve the revenue collection.

He urged tax contributors to play their role to pay their tax revenue on time, saying NamRA cannot do it alone without them.

Meanwhile, the head of the Domestic Taxes at NamRA, Idi Itope urged tax contributors to pay their taxes on time to ensure compliance and improved service delivery.

He further reminded taxpayers to settle their tax debts on time before the deadline on 31 October 2024.

“If you pay on time, then you are part of the compliance because you are not forced to pay your tax on time,” he said.

According to Itope, 235,505 debtors owed NamRA N$79 billion.

This number, he said, is only from 31 March 2024.

At the same time, Itope urged tax contributors to update their contact details with the agency to ensure informed communication.

This, he said, includes taxpayers and contributors who are owned by NamRA.

“We have your money in terms of refunds but we do not have your full details, including bank details,” he stressed.

In March 2023, NamRA announced a revenue collection of N$55 billion, which is an increase from its initial target of N$53 billion for the 2022/23 financial year.

Taxpayers reportedly owed the Ministry of Finance and Public Enterprises about N$70 billion, of which N$15 billion was capital and N$55 billion in revenue was collected.

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