Source is not defined, however the principle rule is to determine the originating cause of the income. And if that cause is located in Namibia, then the source is Namibia. Namibia follows a residence-based tax system where residents are taxed on their worldwide income.

In Namibia, Capital Gains Tax (CGT) applies to the sale of all capital assets, such as property, shares, and other investments.

When an entity conducts trade outside the domestic jurisdiction in which it was originally established, tax issues may arise if the same income is taxed twice (in the country of residence and the country where the income has been earned). Relief may be available when a double tax agreement is in place between the two countries.

A "fringe benefit" is  a non-monetary advantage provided to an employee by their employer. All Fringe Benefits provided by the employer are taxed.

The late submission penalty for  VAT and Import returns is charged at N$100 per month.

Which of the following is a tax deduction that can reduce taxable income in Namibia for an Individual?

The Namibian tax year for companies runs from 1 March to the last day of February the following year.

If a company claims a wear and tear allowance due to using the asset for taxable purposes, they will need to include in their gross income a recoupment of the allowances claimed when the asset is sold. In the year the asset is sold, no wear and tear allowance can be claimed.

A deceased estate must be administered by the provisions of the Administration of Estates Act 1965, irrespective of whether a person died with or without having a will.

Which of the following is considered taxable income for an individual in Namibia?