GIPF pays out N$118mln in tax refunds

The Government Institutions Pension Fund (GIPF) yesterday informed its tax-paying and qualifying annuitants - pensioners, spousal and child beneficiaries - that it made tax payment relief refunds to the tune of over N$118 million.

“The Fund will pay out approximately N$118 million to 24 173 qualifying annuitants, who will receive amounts ranging from N$1.00 to approximately N$17 000,” said Martin Inkumbi, the chief executive officer/principal officer of the GIPF.

“The refunds are based on a calculation formula that considered 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,” added Inkumbi.

The refunds will be paid to all qualifying tax-paying annuitants who do not have active tax directives or notices to agents as issued by the Namibia Revenue Agency (NamRA), and to deceased members, whose refunds shall be paid to their estates through the Masters of the High Court.



Beneficiaries

Approximately 946 annuitants who owe tax to NamRA will not receive a refund, and in case of changes, they are advised to contact NamRA to provide a new tax directive to the GIPF, instructing the Fund to either cancel or amend the existing tax directive.

The GIPF 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.

All members who will receive refunds will receive an SMS from the GIPF informing them accordingly.

Annuitants are encouraged to approach the client services team at the GIPF with any questions via email at [email protected] or on 083 205 2000.