Guinea-Bissau Tax Tables 2024 - Tax Rates and Thresholds in Guinea-Bissau
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This page contains the tax table information used for the calculation of tax and payroll deductions in Guinea-Bissau in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ GW, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Guinea-Bissau or would like to add to or suggest amendments to the information herein then please contact us.
2024 Tax Tables [Quick Links]
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Guinea-Bissau Personal Income Tax Tables in 2024
The Income tax rates and personal allowances in Guinea-Bissau are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Guinea-Bissau Tax Calculator 2024.
Guinea-Bissau Residents Income Tax Tables in 2024
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 1% | Income from ₣ 0.000.00 | to | ₣ 500,000.00 |
| 6% | Income from ₣ 500,000.01 | to | ₣ 1,000,000.00 |
| 8% | Income from ₣ 1,000,000.01 | to | ₣ 2,500,000.00 |
| 10% | Income from ₣ 2,500,000.01 | to | ₣ 3,600,000.00 |
| 12% | Income from ₣ 3,600,000.01 | to | ₣ 4,806,000.00 |
| 14% | Income from ₣ 4,806,000.01 | to | ₣ 9,000,000.00 |
| 16% | Income from ₣ 9,000,000.01 | to | ₣ 13,200,000.00 |
| 18% | Income from ₣ 13,200,000.01 | to | ₣ 18,000,000.00 |
| 20% | Income from ₣ 18,000,000.01 | | and above |
Guinea-Bissau Non-residents Income Tax Tables in 2024
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 1% | Income from ₣ 0.000.00 | to | ₣ 500,000.00 |
| 6% | Income from ₣ 500,000.01 | to | ₣ 1,000,000.00 |
| 8% | Income from ₣ 1,000,000.01 | to | ₣ 2,500,000.00 |
| 10% | Income from ₣ 2,500,000.01 | to | ₣ 3,600,000.00 |
| 12% | Income from ₣ 3,600,000.01 | to | ₣ 4,806,000.00 |
| 14% | Income from ₣ 4,806,000.01 | to | ₣ 9,000,000.00 |
| 16% | Income from ₣ 9,000,000.01 | to | ₣ 13,200,000.00 |
| 18% | Income from ₣ 13,200,000.01 | to | ₣ 18,000,000.00 |
| 20% | Income from ₣ 18,000,000.01 | | and above |
In Guinea-Bissau, social security deductions made by employees are typically deductible from their gross income for the purpose of calculating taxable income. This means that the contributions towards social security are subtracted from the total earnings before the income tax is applied, effectively lowering the taxable base. This practice aligns with many tax systems worldwide, where pre-tax deductions such as social security contributions help reduce the individual's taxable income, potentially leading to lower income tax liabilities for employees.
Guinea-Bissau Social Security and Payroll Deduction Rates in 2024
In Guinea-Bissau, the social security system is designed to provide financial security and support to employees in various circumstances, funded through contributions from both employees and employers. This system aims to cover risks associated with retirement, health, and other social welfare needs.
Guinea-Bissau Social Security in 2024: Rates for Employers and Employees| Category | Employee | Employer | Total |
|---|
| Social Security | 8% | 14% | 22% |
Guinea-Bissau Social Security and Payroll Deduction in 2024: Earnings Thresholds for Employers and Employees| Category | Employee | Employer |
|---|
| Min. | Max. | Min. | Max. |
|---|
| Social Security | n/a | n/a | n/a | n/a |
The main components of the social security system in Guinea-Bissau include:
- Pension Scheme: Contributions to this scheme secure retirement benefits for employees, ensuring they receive financial support upon reaching retirement age.
- Health Insurance: This element provides coverage for medical expenses, helping to alleviate the financial burden of healthcare for employees and their families.
- Disability and Survivor Benefits: Contributions also go towards supporting employees who are unable to work due to disability and providing for the families of employees in the event of their death.
Employers in Guinea-Bissau are generally required to contribute a larger percentage towards social security compared to the deductions from employees' salaries. This collaborative effort between employees, employers, and the government ensures that the workforce has access to essential social benefits, contributing to the overall social stability and welfare of the country.
Guinea-Bissau VAT Rates in 2024
VAT rates for Guinea-Bissau are reviewed annually, you can use the VAT Calculator to calculate VAT due in Guinea-Bissau or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.
Guinea-Bissau VAT Rates| VAT Rate | VAT Description |
|---|
| 10% | Imports |
| 15% | Imports (Electrical and Water Supply) |
| 19% | Standard Rate |
| 20% | Luxury Goods Rate |
Historic Tax Tables supported for Guinea-Bissau
The following tax tables are supported by iCalculator™ GW as part of the suite of free tax tools we provide for Guinea-Bissau.