Holness Vows Increase in Income Tax Threshold
Prime Minister Andrew Holness has announced an upcoming increase in the income tax threshold for pay-as-you-earn workers in Jamaica.
Discussions regarding this threshold adjustment gained prominence in September last year, following a proposal from Mark Golding, President of the People’s National Party (PNP), during the party’s annual conference. Golding suggested doubling the tax floor.
However, Prime Minister Holness, who leads the governing Jamaica Labour Party (JLP), dismissed the PNP’s proposal as hypocritical during a recent tour in Clarke’s Town, Trelawny.
He argued that the PNP’s call to raise the existing $1.5 million threshold to $3 million lacked sincerity, pointing out the lack of support the JLP received when it initially implemented the threshold increase in 2016.
In line with a campaign pledge made by the JLP before the 2016 general election, the income tax threshold was raised in 2017 from $592,800 to $1.5 million.
Finance Minister Dr. Nigel Clarke also criticised the PNP last year, accusing them of attempting to replicate the government’s flagship policy with their proposal.
He mentioned that the government was already in the process of reviewing the threshold.
In May of last year, the Caribbean Policy Research Institute recommended increasing the threshold to $2.2 million.
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