Sao Tome and Principe Tax Tables 2024 - Tax Rates and Thresholds in Sao Tome and Principe

This page contains the tax table information used for the calculation of tax and payroll deductions in Sao Tome and Principe in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ ST, 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 Sao Tome and Principe or would like to add to or suggest amendments to the information herein then please contact us.

Sao Tome and Principe Personal Income Tax Tables in 2024

The Income tax rates and personal allowances in Sao Tome and Principe 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 Sao Tome and Principe Tax Calculator 2024.

In Sao Tome and Principe, social security deductions made by employees are generally deductible when calculating taxable income. This means that the contributions towards social security can reduce the gross income of an individual, thereby potentially lowering the amount of income tax payable. This approach aligns with practices in many countries, where social security contributions are recognized as a necessary expense for securing future benefits and are thus considered when determining the taxable income of individuals.

Sao Tome and Principe Social Security and Payroll Deduction Rates in 2024

In Sao Tome and Principe, social security and payroll deductions form an essential part of the employment landscape, providing a range of benefits to employees while also ensuring that employers contribute to the welfare system. These contributions fund various social security programs, designed to offer protection and support to workers in various circumstances. Here is an overview of the main components of the social security system in Sao Tome and Principe, highlighting the purpose of each element.

Pension Contributions

Pension contributions are a cornerstone of the social security system, intended to provide income to individuals upon retirement. Both employees and employers make contributions to the pension fund, ensuring that workers can enjoy financial security in their later years. This system aims to support the elderly population, reducing dependency and poverty among retirees.

Health Insurance

Health insurance contributions are mandatory for both employees and employers, funding the healthcare system that provides medical services to workers and their families. This ensures access to healthcare and protection against the financial risks associated with medical expenses, promoting the overall health and well-being of the workforce and their dependents.

Disability and Survivor Benefits

Contributions to disability and survivor benefits offer financial support to employees who are unable to work due to a disability and to the families of workers who have passed away. These benefits provide a safety net for individuals and families facing loss of income due to disability or death, helping to maintain their standard of living.

Unemployment Insurance

Although the scope and coverage of unemployment insurance may vary, contributions to this program are designed to offer temporary financial assistance to workers who lose their jobs. Unemployment benefits help individuals to cover their basic needs while they search for new employment, contributing to economic stability and social security.

Work Injury Compensation

Work injury compensation provides benefits to employees who suffer from work-related injuries or illnesses. Funded by employer contributions, this program covers medical treatment, rehabilitation, and income support during the period of recovery, ensuring that workers are protected against the economic impacts of workplace accidents.

Challenges and Reforms

The social security system in Sao Tome and Principe faces challenges, including the need for increased coverage, improved efficiency, and sustainability. The government and international partners are working on reforms to strengthen the system, expand its benefits, and ensure its long-term viability. These efforts aim to enhance social protection for all workers, promoting social cohesion and economic development.

Understanding the structure and benefits of social security and payroll deductions is crucial for both employers and employees in Sao Tome and Principe. These contributions not only fund essential social security programs but also play a significant role in promoting a stable and inclusive society.

Sao Tome and Principe VAT Rates in 2024

VAT rates for Sao Tome and Principe are reviewed annually, you can use the VAT Calculator to calculate VAT due in Sao Tome and Principe or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.

Historic Tax Tables supported for Sao Tome and Principe

The following tax tables are supported by iCalculator™ ST as part of the suite of free tax tools we provide for Sao Tome and Principe.