The Honduras revenue administration (SAR) has published the table for the progressive individual income tax brackets and rates with effect from 1 January 2023:
- up to HNL 199,039.47 - 0%
- HNL 199,039.48 up to 303,499.90 - 15%
- HNL 303,499.91 up to 705,813.76 - 20%
- HNL 705,813.77 and over - 25%
It is also noted that the above bracket thresholds do not take into account the deduction of HNL 40,000 for medical expenses. For example, if a person makes HNL 20,000 per month (HNL 240,000 per year),…