The Government Institutions Pension Fund (GIPF) will be issuing tax refunds of N$118 million to its members.
According to a statement issued by the fund on Thursday, members include pensioners, as well as spouse and child beneficiaries.
“The fund will pay out approximately N$118 million to 24 173 qualifying annuitants, who will receive amounts ranging from N$1 to approximately N$17 000,” said GIPF chief executive Martin Inkumbi.
He said the payments will be made on 28 November.
Refunds will be paid to all qualifying tax paying annuitants, who don’t have active tax directives or notices issued by the Namibia Revenue Agency, Inkumbi said.
“The refunds are based on a calculation formula that considers tax paid to date by members, the amount that would have been payable by the member based on the new tax tables and determining the difference between the two figures, resulting in the amounts to be refunded,” he added.
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