Cape Verde Tax Tables 2024 - Tax Rates and Thresholds in Cape Verde
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This page contains the tax table information used for the calculation of tax and payroll deductions in Cape Verde in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ CV, 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 Cape Verde 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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Cape Verde Personal Income Tax Tables in 2024
The Income tax rates and personal allowances in Cape Verde 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 Cape Verde Tax Calculator 2024.
Cape Verde provides an annual "Standard Deduction" that is deducted from your total income to produce your taxable income in Cape Verde in 2024:
Cape Verde Standard Deduction in 2024| Residence Status | Standard Deduction |
|---|
| Resident | CVE 220,000.00 |
| Non-resident | CVE 0.00 |
Cape Verde Residents Income Tax Tables in 2024
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 16.5% | Income from CVE 0.000.00 | to | CVE 960,000.00 |
| 23.1% | Income from CVE 960,000.01 | to | CVE 1,800,000.00 |
| 27.5% | Income from CVE 1,800,000.01 | | and above |
Cape Verde Non-residents Income Tax Tables in 2024
Personal Income Tax Rates and Thresholds (Annual)| Tax Rate | Taxable Income Threshold |
|---|
| 16.5% | Income from CVE 0.000.00 | to | CVE 960,000.00 |
| 23.1% | Income from CVE 960,000.01 | to | CVE 1,800,000.00 |
| 27.5% | Income from CVE 1,800,000.01 | | and above |
In Cape Verde, social security deductions made by employees are not deductible when calculating taxable income. This means that the contributions towards social security programs, such as pensions and healthcare, are not subtracted from an individual's gross income for the purpose of income tax calculation. Consequently, these social security deductions do not reduce the taxable income of employees in Cape Verde, and therefore, do not impact their overall income tax liability.
Cape Verde Social Security and Payroll Deduction Rates in 2024
In Cape Verde, the social security system involves contributions from both employees and employers. These contributions are directed towards various programs designed to provide benefits and support to the workforce and their families.
Cape Verde Social Security in 2024: Rates for Employers and Employees| Category | Employee | Employer | Total |
|---|
| Social Security | 8% | 15% | 23% |
Cape Verde Social Security and Payroll Deduction in 2024: Earnings Thresholds for Employers and Employees| Category | Employee | Employer |
|---|
| Min. | Max. | Min. | Max. |
|---|
| Social Security | n/a | n/a | n/a | n/a |
Pension Fund Contributions
One of the main components of the social security system in Cape Verde is the pension fund. Contributions to this fund are used to provide retirement benefits to employees, ensuring financial support for them after their working years. This helps in securing a stable income for retirees.
Health Insurance Contributions
Contributions to health insurance are another critical part of the social security system. These funds are allocated for healthcare services, providing medical coverage to employees and their dependents. It ensures that workers have access to necessary healthcare facilities.
Family Benefits
Social security contributions in Cape Verde also support family benefits. This includes financial assistance for childcare, education, and other family-related needs, thereby supporting the well-being of employees’ families.
Employment Injury Insurance
Employment injury insurance is covered by social security contributions. It provides protection to employees who suffer work-related injuries or illnesses, covering medical treatment and offering financial support during recovery periods.
The social security and payroll deduction system in Cape Verde plays a vital role in ensuring the welfare and economic stability of its workforce, contributing to the overall social protection framework of the country.
Cape Verde VAT Rates in 2024
VAT rates for Cape Verde are reviewed annually, you can use the VAT Calculator to calculate VAT due in Cape Verde or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.
Cape Verde VAT Rates| VAT Rate | VAT Description |
|---|
| 15% | Standard Rate |
Historic Tax Tables supported for Cape Verde
The following tax tables are supported by iCalculator™ CV as part of the suite of free tax tools we provide for Cape Verde.