WINDHOEK: First National Bank (FNB) economist, Helena Mboti, has applauded the government on the newly announced tax relief, saying it supports the late President Hage Geingob’s legacy of being the people’s president.

She said this in an interview with Nampa on Wednesday following the tabling of the 2024/25 National Budget by Ministry of Finance and Public Enterprises, Iipumbu Shiimi in the National Assembly.

In particular, the tax threshold has been raised from N.dollars 50 000 to N.dollars 100 000.

Mboti also highlighted the N.dollars 2.1 billion to be received by the vote of water including N.dollars 1.1 billion in beneficiary project loans for the refurbishment of the Oshakati and Rundu water treatment plants as well as the development of the Ohangwena 2 Aquifer.

This funding has been availed for drilling of boreholes, expansion of pipelines and various rural water supply projects to improve access to water within communities, especially considering the increased drought incidences.

‘When you invest
in infrastructure you avail electricity and water accessibility, as well as housing, all this stimulates business because now people can make use of these things in order to carry out various business activities,’ Mboti stated, further expressing her excitement for this and how it will impact entrepreneurial spirit in these areas.

She also mentioned how through tax relief for SMEs, business owners have more cash flowing in the business.

‘By paying less taxes SMEs have more money to work with to reinvest in their businesses as they are giving less to the government and keeping more for themselves,’ said Mboti.

She further expressed that although the budget did not directly mention anything about availing grants for SMEs, these new policies will greatly impact small business in a positive manner.

Source: The Namibia Press Agency