Value added tax
Requirement
The standard VAT rate is currently 15%.
VAT is applicable on these goods and services:
- The supply of goods or services made in Namibia by a registered person
- Reverse-charge services received by a person in Namibia that is not entitled to claim full input tax credits (referred to as imported services)
- The import of goods from outside Namibia, regardless of the status of the importer
Goods that are imported from countries within the Southern African Customs Union (consisting of Namibia, Lesotho, Namibia, South Africa, and Swaziland) are not subject to customs duty.
M3 solution
The calculation, accounting, reporting, and reconciliation of value added tax is supported by generic functionality in M3. Country-specific functionality is then configured from this standard functionality, and delivered with the country version:
- VAT reports and electronic reporting
- Unpaid supplier invoices
- VAT reports by voucher number
- VAT reports by invoice number for customer and supplier invoices