Guinea Tax Tables 2024 - Tax Rates and Thresholds in Guinea
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This page contains the tax table information used for the calculation of tax and payroll deductions in Guinea in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ GN, 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 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 Personal Income Tax Tables in 2024
The Income tax rates and personal allowances in Guinea 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 Tax Calculator 2024.
Guinea Residents Income Tax Tables in 2024
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 0% | Income from ₣ 0.000.00 | to | ₣ 100,000.00 |
| 10% | Income from ₣ 100,000.01 | to | ₣ 1,000,000.00 |
| 15% | Income from ₣ 1,000,000.01 | to | ₣ 1,500,000.00 |
| 20% | Income from ₣ 1,500,000.01 | to | ₣ 3,000,000.00 |
| 25% | Income from ₣ 3,000,000.01 | to | ₣ 6,000,000.00 |
| 30% | Income from ₣ 6,000,000.01 | to | ₣ 10,000,000.00 |
| 35% | Income from ₣ 10,000,000.01 | to | ₣ 20,000,000.00 |
| 40% | Income from ₣ 20,000,000.01 | | and above |
Guinea Non-residents Income Tax Tables in 2024
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 0% | Income from ₣ 0.000.00 | to | ₣ 125,900.00 |
| 15% | Income from ₣ 125,900.01 | to | ₣ 1,000,000.00 |
| 30% | Income from ₣ 1,000,000.01 | | and above |
In Guinea, social security deductions made by employees are typically deductible when calculating taxable income. This means that the contributions employees make towards the social security system can be subtracted from their gross income before the computation of income tax. Consequently, these deductions effectively reduce the taxable income of employees, potentially lowering their overall income tax liability. This system provides a form of tax relief for employees, recognizing their mandatory contributions to the social security programs.
Guinea Social Security and Payroll Deduction Rates in 2024
In Guinea, the social security system involves contributions from both employees and employers, aimed at providing a range of benefits to support the workforce. The primary components of these contributions include pension funds, healthcare benefits, and family allowances.
Guinea Social Security in 2024: Rates for Employers and Employees| Category | Employee | Employer | Total |
|---|
| Medical expenses and disability | 2.5% | 4% | 6.5% |
| Old age pensions and death benefits | 2.5% | 4% | 6.5% |
| Family allowances | 0% | 6% | 6% |
| Industrial accidents | 0% | 4% | 4% |
| National Office for Professional Training and Development | 0% | 1.5% | 1.5% |
Guinea Social Security and Payroll Deduction in 2024: Earnings Thresholds for Employers and Employees| Category | Employee | Employer |
|---|
| Min. | Max. | Min. | Max. |
|---|
| Medical expenses and disability | n/a | ₣ 18,000,000.00 | n/a | ₣ 18,000,000.00 |
| Old age pensions and death benefits | n/a | ₣ 18,000,000.00 | n/a | ₣ 18,000,000.00 |
| Family allowances | n/a | n/a | n/a | ₣ 18,000,000.00 |
| Industrial accidents | n/a | n/a | n/a | ₣ 18,000,000.00 |
| National Office for Professional Training and Development | n/a | n/a | n/a | n/a |
Pension Fund Contributions: Contributions towards pension funds are intended to provide financial security to individuals upon retirement. These funds ensure that employees have a stable source of income during their later years, contributing to their overall well-being post-retirement.
Healthcare Benefits: Contributions to healthcare benefits provide access to medical services and coverage for various healthcare needs. This includes supporting the health and well-being of employees and their families, ensuring they have access to necessary medical care.
Family Allowances: Social security contributions in Guinea also fund family allowances, which include financial support for families with children. These allowances help to cover the costs associated with child care, education, and health, supporting the overall welfare of workers' families.
The social security system in Guinea plays a crucial role in ensuring the welfare and financial stability of the workforce and their families. For employers, contributing to this system is a legal obligation, reflecting their commitment to the welfare of their employees. This comprehensive approach to social security provides a safety net for employees, ensuring support across various life stages and circumstances.
Guinea VAT Rates in 2024
VAT rates for Guinea are reviewed annually, you can use the VAT Calculator to calculate VAT due in Guinea or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.
Guinea VAT Rates| VAT Rate | VAT Description |
|---|
| 18% | Standard Rate |
Historic Tax Tables supported for Guinea
The following tax tables are supported by iCalculator™ GN as part of the suite of free tax tools we provide for Guinea.