Tax threshold to rise

-new rate of 40% for those earning over $2,160,000 per annum

Finance Minister Winston Jordan today announced an increase in the income tax threshold from $660,000 per annum to the greater of $720,000 or one-third of an employee’s gross salary.

In his 2017 budget presentation he also announced that the Personal Income Tax Rate will be reduced from 30% to 28% for those earning less than $2,160,000 per annum or $180,000 per month. He said a new rate  of 40% will be applied to those earning an income in excess of $2,160,000 per annum.

He said that the table below shows how each individual will be better off under the new tax regime.

table-1