Individual - Deductions

Last reviewed - 01 September 2023

Employment expenses

Social security contributions are deductible against income arising from employment.

Personal expenses

As of 2023 there is no longer a deduction for personal expenses, however personal expenses will be considered for the tax discount or rebate (applicable before allocating tax credits).

    Personal allowances

    An annual personal allowance of USD 11,722 represents the minimum taxable income in the current progressive PIT table, which means that an individual will pay income tax when one's income exceeds USD 11,722.

    Business deductions

    Independent professionals are allowed to deduct their social security contributions as well as other business expenses.