Namibia the Brave
LAND OF THE BRAVE WRITES:
We who live in Namibia see ourselves as Brave Warriors. We even call our National Soccer Team the Brave Warriors.
Sometimes our Brave Warriors were brave and punched high above their weight class in the soccer community. But today I want to point out that we must be very brave for the future because our children will pay for our sins.
Why must we be brave you ask? Because the economic projectile we are on is heading downwards and Covid-19 exposes this all the more. It does not help if Government threatens the population with being unpatriotic and pointing fingers.
According to the World Fact Book our population in July 2020 was estimated at 2 630 073. Our GDP for 2017 was N$424.3 billion. Our working population is 956 800 of which 31% is unemployed, which leaves us with a net employed population of 631 488 people.
The per capita income for 2017 was N$188 223 per annum. If we use the Personal Tax Income Calculation: N$188 223 – 100 000 = N$88 223 x 25% = N$22 056 + N$9 000 = N$31 056 tax per annum. I used the working population of 631 488 and multiplied it with N$31 056.00, which gives you a total of N$19 611 491 328 tax for the Government.
The VAT income for the government is N$424.3 billion x 15% = 63.645 billion. Remember the calculation on tax will be maximum what government can expect. My calculation also exclude Corporate, Royalties, Import Tax (SACU Income) and other income streams of Government.
I use personal tax and value added tax because we all know it. Therefore total tax for this argument is: N$19.6 billion + N$63.6 billion = N$83.2 billion income for government.
Why must we be brave you ask?
The budget for this year projected an income of N$63 billion of which government had to borrow N$20 billion to make their budget work. The once-off grant they payed out to the Namibian population during COVID-19 is the point we must be brave about.
The government projected that 561 000 people will need the grand. They paid out to 721 000 people, but 1 000 000 applied for the grant.
My conclusion is that we have a very artificial economy and we do not know for how long our economy can pay for our government's exuberant life style.
We who live in Namibia see ourselves as Brave Warriors. We even call our National Soccer Team the Brave Warriors.
Sometimes our Brave Warriors were brave and punched high above their weight class in the soccer community. But today I want to point out that we must be very brave for the future because our children will pay for our sins.
Why must we be brave you ask? Because the economic projectile we are on is heading downwards and Covid-19 exposes this all the more. It does not help if Government threatens the population with being unpatriotic and pointing fingers.
According to the World Fact Book our population in July 2020 was estimated at 2 630 073. Our GDP for 2017 was N$424.3 billion. Our working population is 956 800 of which 31% is unemployed, which leaves us with a net employed population of 631 488 people.
The per capita income for 2017 was N$188 223 per annum. If we use the Personal Tax Income Calculation: N$188 223 – 100 000 = N$88 223 x 25% = N$22 056 + N$9 000 = N$31 056 tax per annum. I used the working population of 631 488 and multiplied it with N$31 056.00, which gives you a total of N$19 611 491 328 tax for the Government.
The VAT income for the government is N$424.3 billion x 15% = 63.645 billion. Remember the calculation on tax will be maximum what government can expect. My calculation also exclude Corporate, Royalties, Import Tax (SACU Income) and other income streams of Government.
I use personal tax and value added tax because we all know it. Therefore total tax for this argument is: N$19.6 billion + N$63.6 billion = N$83.2 billion income for government.
Why must we be brave you ask?
The budget for this year projected an income of N$63 billion of which government had to borrow N$20 billion to make their budget work. The once-off grant they payed out to the Namibian population during COVID-19 is the point we must be brave about.
The government projected that 561 000 people will need the grand. They paid out to 721 000 people, but 1 000 000 applied for the grant.
My conclusion is that we have a very artificial economy and we do not know for how long our economy can pay for our government's exuberant life style.
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