Section Assessed Losses and Tax Laws - How Does It Work?

If your Namibian clients have been sitting on large assessed losses and assuming they can use them whenever they like, they may be wrong. As of 1 January 2024, the rules have changed: losses can now expire, and the amount you can offset in any given year is capped. With NamRA's ITAS system still catching up and a new filing deadline of 31 October 2026, now is the time to review your clients' loss schedules, update your tax estimates, and make sure no one gets an unexpected tax bill for income they thought was covered.