The calculation of recoupment involves deducting the carrying amount of the asset from the proceeds generated from its sale. However, it's important to note that the proceeds from the sale are capped at the cost of the asset.

Namibian tax is primarily governed by the Income Tax Act, 1981 (Act No. 24 of 1981) and other related legislation. It is administered by the Namibia Revenue Agency (NamRA), which is responsible for ensuring compliance with tax laws and the collection of revenue for the government. Which three main taxes make up the Government revenue? 

What is the maximum rate of individual income tax in Namibia as of 2025?

Individual tax returns must be submitted by the 30th of November each year in Namibia.

Withholding tax must be paid within 20 days following the month in which it was deducted. Resident entities responsible for withholding tax are required to submit a Withholding tax return to the Namibia Revenue Agency, including all relevant information pertaining to the withholding tax.

Value-added tax is payable on the taxable value of all goods sold or imported. Value-Added Tax (VAT) in Namibia is currently levied at a standard rate of 15%.

A company acquired a machinery that they are using in their business of making copies. The Namibia Revenue Agency allows a wear and tear allowance on the cost of the machinery over a period of four years.