Govt to Waive N$126 Million in Corporate Taxes for Skills Development

By: Nghiinomenwa-vali Erastus and Abigail Nalisa

The government is set to waive N$126 million in corporate income tax revenue in an attempt to encourage employers to recruit more interns.
This move, constituting 2% to 5% of corporate income tax (non-mining sector), is part of the newly launched Work Integrated Learning Youth Employment Tax Incentive.
The scheme was announced by the Minister of Finance and Public Enterprises Ipumbu Shiimi in the Mid-term budget review in October.
Oscar Capelao, the Deputy Executive Director in the Department of Economic Policy at the Finance Ministry, highlighted that the tax incentives, aligned with amendments to Section 17 of the Income Tax Act, aim to encourage employers to provide internships in a regulated environment.