Staff Reporter

THE Government Institutions Pension Fund (GIPF) has introduced that it’s making tax cost aid refunds totalling over N$118 million from 28 November 2024.

“The Fund will pay out approximately N$118 million to 24,173 qualifying annuitants, who will receive amounts ranging from less than N$1.00 to approximately N$17,000,” mentioned Martin Inkumbi, GIPF’s Chief Executive Officer and Principal Officer.

Inkumbi defined that the refunds are primarily based on a system contemplating the tax paid by members so far, the quantity that might have been payable primarily based on the brand new tax tables, and the distinction between the 2 figures, which determines the refund quantities.

Edwin Tjiramba, the General Manager for Marketing and Stakeholder Engagement, defined that the refunds might be issued to all qualifying, tax-paying annuitants who wouldn’t have lively tax directives or a discover to agent issued by the Namibia Revenue Agency (NamRA), in addition to to the estates of deceased members, by the Masters of the High Court.

“Approximately 946 annuitants who owe tax to NamRA will not receive a refund. In such cases, they are advised to contact NamRA to provide a new tax directive to the Fund, instructing the Fund to either cancel or amend the existing tax directive. The Fund is verifying the outstanding tax refunds for members on disability who received the 3% increase and backpay adjustments earlier this year. Any adjustments for this group of annuitants will be made with the December 2024 payroll,” Tjiramba mentioned.

He added that each one members who will obtain refunds might be knowledgeable through SMS from the Fund.