Patents and trademarks are required to be registered by Business and Intellectual Property Authority (BIPA) – and at times annual fees and renewal fees are payable. According to section 17(j) of the Income Tax Act, expenses incurred to obtain an…

Many companies have brands, patents, trademarks that earn them income either through direct exploitations or leasing out. These are either built internally or bought. Since they bring in income, which is taxed, let us look at their tax consequences. The…

Remember in the previous update, we had said if a farmer gives or donates a cattle, such a person should be taxed on the value of the cattle he or she has given away? But how will the taxman know…

It is common especially in the Oshiwambo culture that when there is a wedding – cattle are given to the family where there is a wedding. So, if a person is a farmer – and is registered as such at…

As companies grow, they hire more, or at times when key persons leave, they then need to fill those vacant positions. At times HR would require employees to recommend or refer potential employees and advance a referral bonus. Is this…

It’s common to hear industries complain that certain parts of their operations are over-taxed or that they don’t receive fair deductions. But here’s the reality: complaints alone rarely change anything. The good news? Industries can formally propose amendments to the…

Under Section 16(d) of the Income Tax Act, 1981, the income earned by Stokvels, including returns from their investments, is exempt from income tax. That means no tax is payable on their earnings. So if you’re part of a Stokvel,…

It sounds surprising, but it’s true. When someone passes away, any income they were entitled to for that year doesn’t just vanish. That income is still taxable even if it ends up in the hands of heirs or beneficiaries. According…

Exciting, right? But here’s the big question: Will the taxman let you keep it all?The answer depends on how you earned that win:Is it pure luck? If it’s a random lucky draw where you didn’t render any service or skill,…

NamRA frequently indicates that people should report fraud, and in some cases, they even indicated that they will pay anyone that reports those that are not paying taxes. What they did not say is that, they will also tax you…

Children are truly a blessing; adorable bundles of joy and, as Scripture says, heritage from the Lord. BUT… a quick reminder: If your baby shower or welcome gift came from a business account, the taxman sees it too and he…

Some employers do reward their employees with a monetary grant whenever they have attained an additional qualification. Are these “rewards” taxable or not? Are they part of the fringe benefits class? Nope.  Section 16(v) exempts from income tax any amount…