Income Tax

Smooth Roll-Out of New Income Tax Threshold

State Minister in the Ministry of Finance, Fayval Williams, says there was a smooth roll out of the new income tax threshold.

Most of the estimated 118,000 beneficiaries saw the change reflected on their salaries over the past few days, with those at the higher end receiving an extra $8,400 for the month.

The new tax-free threshold of $1-million became effective on July 1.

Williams says she hopes people use the extra funds wisely.

The State Minister says employees eligible for the tax break who have not seen a difference on their pay slips, should contact Tax Administration Jamaica, TAJ.

Meanwhile, Williams says the government is committed to ensuring that a further increase in the income tax threshold to $1.5-million next year, does happen.

However, she says consultations are just beginning on how to compensate for the additional loss in revenue when the threshold is raised again next April.

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