Individual - Tax administration

Last reviewed - 04 March 2024

Taxable period

The fiscal year is the calendar year.

Tax returns

Annual tax returns should not be filed if the taxpayer's income does not exceed the non-taxable base (i.e. USD 11,902 for fiscal year 2024). The employer's annual withholding return is considered the employee's income tax return. If taxable income is obtained from other sources, or from more than one employer, the employer must consolidate both incomes in a single annual return.

Individuals who end their economic activity prior to the end of the fiscal year are required to file their corresponding income tax return upon termination of their activities. Once this return is filed, the individual must cancel the Tax Identification Number (TIN) connected with their own activity within 30 days of termination.

Payment of tax

In the case of employees, there is mandatory monthly withholding by the employer as long as the total annual net income exceeds the non-taxable base of USD 11,902. The filing date is determined by the ninth digit of the individual’s TIN.

Other individuals must file their income tax return in March of the following year.