Income Tax Threshold to Increase to $1.7 Million Effective April 1

Finance Minister Dr. Nigel Clarke has announced a modest adjustment to Jamaica’s income tax threshold, with the new threshold set to rise to $1.7 million, up from the current $1.5 million.

Dr. Clarke revealed the details of this change while opening the budget debate in Parliament yesterday.

This announcement follows a recent statement by Prime Minister Andrew Holness regarding an enhanced version of the income tax threshold, labeled “1.5, 2.0.”

The adjustment, scheduled to take effect on April 1, will provide taxpayers with an additional $200,000 of income exemption.

During his address in Parliament, Finance Minister Clarke highlighted that this increase in the income tax threshold will incur a cost to the government of approximately $9 billion.

The adjustment to the income tax threshold is expected to positively impact a significant portion of Jamaica’s workforce, allowing many taxpayers to retain more of their income.

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