Income Tax (ISR) 2024 Update

GALINDO & ASOCIADOS HONDURAS informs taxpayers that, in accordance with Legislative Decree No. 20-2016, which amended Article 22 of the Income Tax Law, the progressive income tax scale for individuals must be adjusted annually. In compliance with this regulation, the new progressive table for calculating the Income Tax for individuals in the year 2024 is hereby presented.

Tabla progresiva ISR Persona Natural (Periodo fiscal 2024)

On January 2, 2024, the Central Bank of Honduras announced that the Consumer Price Index (CPI) showed a year-on-year variation of 5.19%, which is 4.61 percentage points lower than the rate observed twelve months ago (9.80%) and the lowest in the last three years.

The tax-exempt base for personal income tax for individuals is now L 209,369.62. Additionally, an amount of L 40,000.00 for medical or educational expenses should be added, reaching a total value of L 249,369.62.

This new scale represents a financial relief for Hondurans subject to withholding tax and earning a monthly salary equal to or less than L 20,780.80. The update of the progressive table aims to reflect economic changes and ensure appropriate taxation in accordance with the country's conditions.

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For more information on how this innovation may affect your operation or investment in Honduras, the Galindo & Asociados team   the Galindo & Asociados team is at your disposal.

Carlos Galindo

Socio de Impuestos

carlos@galindoyasociados.com

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