Monaco Tax Tables 2024 - Tax Rates and Thresholds in Monaco

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

Monaco Personal Income Tax Tables in 2024

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

Monaco Social Security and Payroll Deduction Rates in 2024

In Monaco, both employees and employers are subject to various social security contributions and payroll deductions. These contributions are pivotal in funding the principality’s comprehensive social welfare system, which provides a wide range of benefits to its residents. The system is designed to support individuals and families at different stages of life and in various circumstances, contributing to the overall well-being and financial security of the community.

One of the primary components of social security in Monaco is the pension scheme, which ensures a stable income for retirees, reflecting Monaco’s commitment to supporting its citizens in their later years. Health insurance contributions are another critical element, funding the state’s healthcare system to provide medical services, hospitalization benefits, and pharmaceutical coverage. This ensures that residents have access to high-quality healthcare services.

Additionally, social security in Monaco covers unemployment insurance, offering financial support to individuals who are temporarily out of work, thus safeguarding them against the economic uncertainty of job loss. Family benefits are also a significant part of the social security contributions, designed to assist with the expenses of raising children, including allowances for childbirth, child care, and education support. This reflects Monaco’s emphasis on family welfare and the importance of investing in the next generation.

Accident insurance is another aspect of social security, providing protection to workers who suffer from job-related injuries or illnesses. This ensures that employees are financially supported during recovery periods. Finally, the contributions towards the social services fund help in providing a safety net for various social welfare programs, including assistance for the elderly, disabled, and those in need of social rehabilitation.

The social security and payroll deduction system in Monaco is a testament to the principality’s dedication to creating a supportive and nurturing environment for its residents. Through these contributions, Monaco ensures the provision of essential services and support across different life stages and circumstances, contributing to the high quality of life enjoyed by its citizens.

Monaco VAT Rates in 2024

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

Historic Tax Tables supported for Monaco

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