1. If John had deposited N$ 100 000 of his lump sum into a NamPost saving account and earned interest on the savings account, the interest received by John would not be taxable. a) False b) True 2. Specifically included in John’s Gross Income should be any amount, excluding all voluntary award, received or accrued in respect of services rendered or to be rendered. a) True b) False 3. Desmond Xaweb 68-year old pensioner owns three tuck shops in Kunene Region. He has lived his whole life in Namibia and has never left the country. Desmond is also the owner of a house located a few kilometres outside Okahandja. After his death in January this year, Desmond’s grandson, Dion, inherited the house. The house was valued at N$ 2 500 000 by an independent real estate evaluator. After facing cash flow problems, Dion decided to sell the house for N$ 2 000 000 during the same year. Will the proceeds from the sale of house by Dion be considered of income nature? a) True b) False 4.24. Lisa Kutako, a property developer living and trading in Pretoria, inherited a block of flats in Windhoek on 3 March 2019, valued at N$ 8 000 000, from aunt who lived in Outjo. Since Lisa was at that time selling two other blocks of flats under sectional title, she immediately applied for sectional title rights on her inherited property. By 29 February 2020, she had sold all the flats in her inherited property for N$ 9 000 000. Where will Lisa be taxed on the receipts from the flats sold? a) South Africa b) Namibia c) All of the above d) None of the above
1. If John had deposited N$ 100 000 of his lump sum into a NamPost saving account
and earned interest on the savings account, the interest received by John would not
be taxable.
a) False
b) True
2. Specifically included in John’s Gross Income should be any amount, excluding all
voluntary award, received or accrued in respect of services rendered or to be
rendered.
a) True
b) False
3. Desmond Xaweb 68-year old pensioner owns three tuck shops in Kunene Region. He
has lived his whole life in Namibia and has never left the country. Desmond is also
the owner of a house located a few kilometres outside Okahandja. After his death in
January this year, Desmond’s grandson, Dion, inherited the house. The house was
valued at N$ 2 500 000 by an independent real estate evaluator. After facing cash
flow problems, Dion decided to sell the house for N$ 2 000 000 during the same
year. Will the proceeds from the sale of house by Dion be considered of income
nature?
a) True
b) False
4.24. Lisa Kutako, a property developer living and trading in Pretoria, inherited a block of
flats in Windhoek on 3 March 2019, valued at N$ 8 000 000, from aunt who lived in
Outjo. Since Lisa was at that time selling two other blocks of flats under sectional
title, she immediately applied for sectional title rights on her inherited property. By
29 February 2020, she had sold all the flats in her inherited property for N$ 9 000
000.
Where will Lisa be taxed on the receipts from the flats sold?
a) South Africa
b) Namibia
c) All of the above
d) None of the above
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