| Taxable Income Slab (IRG) | Tax Rate |
| Upto 120,000 | 0% |
| 120,001 to 360,000 | 20% |
| 360,001 to 1,440,000 | 30% |
| 1,440,001 and above | 35% |
Deductions available
- Personal allowance like Social insurance contribution, alimony and qualifying insurance premiums
- business expenses and other expenses such as maintenance allowance and interest paid on loans for a business purpose.
- Certain income from rented properties are exempted from taxes (e.g rental for students).
- Spouses with a common fiscal home can deduct 10% of their income
Capital gains are generally taxed as ordinary income at the corporate income tax rate. In certain cases, 35% relief is given if the assets have been held for up to three years. The relief rate could reach up to 70% if the assets have been held for longer periods.
Property Tax
from 3% to 10% according to the property and land value.
Tax on Donations
- 3%
Wealth Tax
0 - 1.5% Progressive Rates according to the value of property
| Income Category | Tax Rate |
| IBS for the Production of goods | 19% |
| IBS - for building activities, public works and hydraulics, as well as tourist and thermal activities, excluding travel agencies | 23% |
| IBS for other activities | 26% |
Allowable Deductions and Credit
- Depreciation, amortisation, reserves, rents for premises and equipment, wages, etc.
Non Deductible Expenses
e.g. fines, gifts, subsidies and restaurant, hotel and entertainment expenses not directly linked to the business
- 19% Standard Rate
- 9% reduced rate for products, commodities, merchandise and equipment related to printing, agricultural materials, traditional crafts and aquaculture products (excluding edible items).
- 0% for Exports
- 10% to 100% on on beer, tobacco and matches, salmon, coffee, some fruits, alcohol, all-terrain vehicles, etc.