TAX EXEMPTION FOR THE 2024 CHRISTMAS BONUS

The Legislative Assembly approved with 59 votes the tax exemption for the payment of the Christmas bonus for 2024. Between December 12 and 20, no income tax should be charged, as its main objective is to help the Salvadoran population. However, this total exemption will be applicable to bonuses that are less than 4 minimum wages, meaning it cannot exceed $1,500.00. If it does exceed this limit, only the excess amount will be taxed. For example, if you receive a bonus of $2,000.00, you will only be charged income tax on the additional $500.00.