This is the income tax table for 2024: Those who earn more than $991.83 a month will have to pay it

The Internal Revenue Service (SRI) has updated the income tax settlement tables for the period 2024 and defined that the basic exempt share will be $11,902 for the following year. That is, individuals who earn more than $991.83 per month must pay tax according to the published calculation table.

The table sets out that the basic share exempt from payment ranges from $0 to $11,902 of annual income. However, if the realized income exceeds this value, it is paid according to the table. In this case, you pay from 5% to 37%, depending on the value received, and the amount in cash, if there is an excess of the basic share.

Thus, the entity reported that it has formalized the publication of Resolution NAC-DGERCGC23-00000036, the content of which will enter into force upon publication in the Official Register, and will be applied from January 1, 2024. According to the new table, those who win more than $11,902 per year already start paying tax. If we divide $11,902 by 12, that’s $991.83. Those who earn more than this value, consequently, also pay tax. The current table for 2023 had a tax floor of $11,722 per year. The updated table is as follows:

The new table is based on points a) and) of Article 36 of the current Law on the Internal Tax Regime, which indicates that the ranges of the tables established for the calculation of income tax of natural persons and undivided inheritance and income tax that creates capital increase from inheritances, legacies, donations , discoveries and all kinds of deeds or contracts that acquire free ownership of things and rights, will be updated in accordance with the variation annual report of the Consumer Price Index in urban areas from November each year.

The annual variation of the consumer price index in urban areas as of November 2023 is 1.53% as reported by INEC.