In an effort to reduce inequality and tax avoidance as well as increase disposable income, the government plans to increase the income tax threshold from January 1, 2017.
Finance Minister Winston Jordan, during his 2017 budget presentation yesterday, noted that the threshold, which stands at $660,000 per annum, will move to $720,000 or one-third of an employee’s gross salary next year.
He also announced that the Personal Income Tax Rate will be reduced from 30 per cent to 28 per cent for those earning less than $2,160,000 per annum or $180,000 per month.
