Liberia Tax Tables 2024 - Tax Rates and Thresholds in Liberia

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

Liberia Personal Income Tax Tables in 2024

The Income tax rates and personal allowances in Liberia 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 Liberia Tax Calculator 2024.

In Liberia, social security contributions made by employees to the National Social Security and Welfare Corporation (NASSCORP) are not typically deductible for the purpose of calculating taxable income. This means that the amounts contributed towards social security by employees are generally considered part of the gross income and do not reduce the taxable income base for personal income tax calculations. The tax treatment of these contributions aligns with Liberia’s tax laws, focusing on the gross income as the basis for determining tax liabilities without allowing these specific deductions.

Liberia Social Security and Payroll Deduction Rates in 2024

In Liberia, the social security system includes contributions from both employers and employees, aimed at providing financial support and benefits across various life events. The National Social Security and Welfare Corporation (NASSCORP) administers these contributions, which fund several key social security benefits.

Pension Benefits: Contributions towards pension benefits are designed to provide financial security to employees upon retirement. This ensures that individuals have a source of income in their later years, contributing to their overall well-being and stability.

Medical and Disability Benefits: These contributions help cover medical expenses and provide support in case of disability. This is crucial for protecting employees and their families from the financial burdens that can arise from health issues and disabilities.

Survivor Benefits: In the event of an employee's death, survivor benefits offer financial assistance to the deceased's dependents. This support helps families manage during difficult times and ensures that they have the means to sustain themselves.

Work Injury Benefits: Contributions also fund benefits for employees who suffer work-related injuries. This includes compensation for medical treatment and loss of income due to temporary or permanent disability resulting from occupational hazards.

The social security and payroll deduction system in Liberia plays a vital role in safeguarding the welfare of workers and their families. By mandating contributions from both employers and employees, the system promotes a shared responsibility towards the social and financial well-being of the workforce, enhancing the country’s social welfare framework.

Liberia VAT Rates in 2024

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

Historic Tax Tables supported for Liberia

The following tax tables are supported by iCalculator™ LR as part of the suite of free tax tools we provide for Liberia.