A Brief of the most important articles issued in the 2024 budget
Mechanism for calculating contributions for wages and salaries paid in foreign currencies
Increase the Medical Insurance ceiling from /5.600.000/ L.L. To /18.000.000/ L.L. (Monthly), Starting September 2023.
New Report of withholding tax (7.5% + 2.25%) code 41 & 42 from the Tax Law.
All invoices issued in foreign currencies, should use the VAT 11% at Sayrafa Rates starting Friday 28-04-2023.
Renewal of school Allowances for 2022-2023: Public school or universities by child 3,000,000 L.L for a maximum of 9,000,000L.L/Employee. Private school or universities by child 6,000,000 L.L for a maximum of 18,000,000L.L/Employee
Salary Increase for 4,500,000 L.L. Minimum Salary 9,000,000 L.L. Transport/Workday 250,000 L.L Starting date 26/04/2023
Related to income taxpayers on the basis of lump sum profit, Decrease of 60%.