The Ministry of Finance is expected to make adjustments to income tax brackets in the second quarter of the year.
This was announced by minister of finance Ericah Shafudah during the tabling of the national budget last week.
“The income tax amendment bill is currently under legal review and is set to be presented in the second quarter of 2026,” she said.
Shafudah said adjusting the income tax brackets would help to reduce fiscal drag and improve fairness.
“The ministry will update personal income tax rates and thresholds to ensure continued progression and adequacy of revenue over two financial years,” she said.
During the first tax bracket adjustments in the 2023/24 financial year, the government absolved individuals earning less than N$100 000 annually from paying income tax.
This adjustment was also extended to groups in other income brackets, and was the first adjustment in 10 years.
