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Tuesday, July 5, 2022

New income tax amounts apply this week

A new table of calculations for income tax payments took effect on Oct. 1. The new amounts are staggered depending on a taxpayer’s salary. 

Workers with a salary of up to ₡714,000 ($1,428) per month are tax-exempt. Those with a higher salary must pay 10 percent of the amount that exceeds that figure. In other words, taxpayers are charged 10 percent of the amount earned between ₡714,000 and ₡1,071,000 ($2,142).

People who earn more than ₡1,071,000 must pay 15 percent on the exceeding amount.

The amount of income tax for child or spouse support also increased beginning this week (₡16,080, or $32.15, for child support and ₡24,000, or $48, for spousal support).

Previous income tax regulations stated that all salaries lower than ₡651,000 ($1,302) were tax-exempt.

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