imageGuinea Bissau | Decree No. 32/93, of 10 August 1993

Amendment to the Personal Income Tax Code (Imposto Profissional) - 1993

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COUNCIL OF MINISTERS Decree No. 32/93 from 10 August 1993 The economic changes in Guinean society, due to the increase of private initiative and the implementation of the structural adjustment program, lead to the revision of tax laws. In regards to the Personal Income Tax Code, this need is due to multiple reasons. There is a certain urgency to carry out the necessary adaptations to Tax classes and rates, which have not been globally revised since Decree No. 2/89, of 16 January 1989. In this particular case, it was opted to moderate rates, which are generally, significantly lower than those introduced by the aforementioned statute. This statute also adopts a double tax rate table, set to be applied to public or private employees and liberal professionals. This is due to the fact that the taxable income of liberal professionals is closer to the concept of taxable profit from business activity than to wages, which are usually linked to a lower ability to pay.