Breaking: Income Tax Threshold to Be Increased to $1.5 Million For All Jamaicans
Persons across the island must now be elated following an announcement by Finance Minister Audley Shaw on Thursday afternoon (May 12).
Following weeks of speculation regarding whether the new government would be able to keep their promise of raising the personal income tax threshold to as much as $1.5 million, Mr Shaw announced that the current PAYE threshold is slated to be raised from $592,800 to $1 million on July 1 2016.
Additionally, the threshold will be further raised to $1.5 million on April 1 2017.
The Finance Minister made the announcement while speaking at a Budget Debate in Parliament.
“The people need a break! … This was not just a political gimmick”, stated the Minister.
He also mentioned that concerns about the $1.5 million tax threshold increase from the IMF and other sources were noted and discussed.
Under the previous plan, 118,000 persons would have benefitted, but now 251,000 will benefit he also mentioned.
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