Palau Tax Tables 2024 - Tax Rates and Thresholds in Palau

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

Palau Personal Income Tax Tables in 2024

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

Palau Social Security and Payroll Deduction Rates in 2024

In Palau, both employers and employees contribute to a range of social security and payroll deductions designed to provide financial security and support to workers in various circumstances. These contributions fund benefits such as retirement pensions, healthcare, and unemployment support. This overview details the types of social security and payroll deductions in Palau and explains the purpose and benefits of each.

Social security contributions in Palau are mandatory for both employees and employers. These contributions fund the Social Security Administration's programs, which provide retirement, disability, and survivor benefits. The retirement benefit program ensures that individuals have financial support upon reaching retirement age, while disability and survivor benefits provide assistance to those unable to work due to disability and to the families of deceased workers, respectively.

Healthcare Contributions

Healthcare contributions are another critical component of payroll deductions in Palau. These contributions fund the Palau National Healthcare Insurance, which offers medical coverage to employees and their dependents. This program ensures that workers have access to healthcare services, including preventive care, treatment, and hospitalization, contributing to the overall health and well-being of the workforce.

Unemployment Contributions

While Palau does not have a traditional unemployment insurance program similar to those found in other countries, there are government initiatives aimed at providing temporary financial assistance and reemployment services to individuals who have lost their jobs. Employers contribute to these initiatives through various taxes and fees, which help fund workforce development programs and other social services.

Workers' Compensation

Workers' compensation insurance is funded by employer contributions and provides benefits to employees who suffer work-related injuries or illnesses. This program covers medical expenses, rehabilitation costs, and a portion of lost wages for affected workers, ensuring they receive the necessary support for recovery and return to work.

Optional Deductions

In addition to mandatory social security and healthcare contributions, employees in Palau may opt for additional payroll deductions for benefits such as life insurance, supplementary healthcare plans, and retirement savings accounts. These optional deductions allow individuals to customize their benefits packages to suit their personal and family needs, providing added financial security and peace of mind.

In conclusion, social security and payroll deductions in Palau play a crucial role in providing a safety net for employees, ensuring they have access to financial support, healthcare, and protection against workplace accidents. Both employers and employees contribute to these programs, reflecting a shared commitment to the well-being of the workforce and the stability of the social security system.

Palau VAT Rates in 2024

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

Historic Tax Tables supported for Palau

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