Southern African Customs Union contributes N$21.1 billion to Namibia's tax revenue
via The Namibian1 min read
The Southern African Customs Union SACU was Namibia's largest tax contributor, providing N$21.1 billion by the end of March. The Namibia Revenue Agency Namra reported collecting N$93 billion in gross income, with a net revenue of N$81.1 billion after refunds. Value Added Tax VAT was the second-largest contributor at N$19 billion, followed by personal income tax at N$18.5 billion. Corporate income tax contributed N$14.9 billion. Namra's net collection of N$81.1 billion by March 2026 exceeded the total revenue target of N$79.1 billion for the 2025/26 financial year by 2.6%. The agency also noted N$171 million was paid out due to fraudulent activities in the VAT category over the last three months.
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This summary was AI-generated from a story originally published by The Namibian.
Must ReadThe Namibia Financial Institutions Supervisory Authority Namfisa is investigating Wealth Management Solutions WMS, a financial advisory firm owned by Hanjo Schlabitz, following reports of at least N$250 million in client losses. The Namibian reported that WMS owes this amount primarily to pensioners and families. While 87 individuals and two organizations have come forward as creditors, the liquidator estimates total losses could reach N$350 million. Investors claim Schlabitz promised annual returns of around 7% in money market funds and up to 20% on foreign exchange investments. The foreign exchange investments have reportedly disappeared, and Schlabitz admitted to using money market funds to repay foreign exchange investors. Namfisa spokesperson Victoria Raimond confirmed the ongoing investigation but declined to comment on specific supervisory or enforcement actions. WMS and Schlabitz maintain active registrations with Namfisa, with WMS registered in 2007 as a long-term insurance broker firm and Schlabitz in 2015 as a long-term insurance broker. Since the Financial Institutions and Markets Act 2021 came into force, brokers like Schlabitz are categorized as financial intermediaries, who manage policies for clients and are required to keep up-to-date financial records but not necessarily have auditors. Independent Patriots for Change shadow finance minister Michael Mwashindange suggested that if client funds were diverted between investment products, it would raise questions
The ruling party Swapo concluded the 2025/26 financial year with over N$7 million in assets and a surplus of nearly N$4 million. Its financial report for the year ended March 31 shows political funding income of N$107.7 million and an additional N$706,892 in finance income, with N$104.5 million spent on political funding activities. Swapo's assets more than doubled from N$3.1 million in 2024/25 to N$7 million in 2025/26. In contrast, the official opposition Independent Patriots for Change IPC reported total liabilities of N$1.8 million and a deficit of N$777,217 for the year ended December 31, 2025. The IPC's total income was N$30.8 million, but its operating expenses reached N$31.6 million. The party's financial position became insolvent, with N$1.86 million in liabilities significantly outweighing its N$390,061 in assets. The IPC's liquid cash also decreased from nearly N$1 million to N$22,034 within 12 months. Swanu of Namibia's financial report for the year ended February 28, 2025, indicated the party received N$1.34 million in government grants, using N$1.29 million and retaining N$49,521 in unused funds. A June 2025 report by the Institute of Public Policy Research IPPR highlighted that taxpayers have spent N$181 million on political party funding, and a February 2023 IPPR report noted that most political parties were still not fully accounting for their funding in a timely manner.
Must ReadFormer mines and energy minister Tom Alweendo has urged the Namibian government to publish a detailed implementation plan for the new mineral agreements signed with China. These agreements, part of nine cooperation deals covering various sectors, were established during President Netumbo Nandi-Ndaitwah鈥檚 state visit to China from July 6 to 11. Alweendo emphasized the need to translate these diplomatic agreements into measurable economic benefits and an industrial plan that can attract investment and be evaluated by Namibians. He suggested the plan should identify priority minerals, outline processing stages, assign ministerial responsibilities, address infrastructure gaps, and set annual targets for investment, skills development, local suppliers, and exports. Alweendo stressed building a competitive minerals industry rather than solely relying on raw mineral exports, noting that uranium constituted 85% of Namibia's N$23.4 billion exports to China last year. He cautioned that banning raw mineral exports alone would not create factories or jobs, highlighting the need for dependable feedstock, affordable electricity, water, logistics, technical skills, environmental controls, working capital, and long-term buyers for processing plants. The Independent Patriots for Change IPC also questioned the transparency of these agreements, calling for details on the deals and involved companies. Rodney Cloete, IPC shadow minister of international relations and trade, raised concerns about