Finance Minister Dr Nigel Clarke has announced that the Income Tax threshold will be moved to 1.7 million dollars effective April 1.
That’s an increase of 200 thousand dollars.
Dr. Clarke says the government will also adjust age relief exemption threshold for pensioners.
This will be increased from 80 thousand dollars to 250 thousand dollars.
The Finance Minister also announced a reverse tax credit for anyone earning below three million dollars of 20 thousand dollars at the end of each financial year.
Dr. Nigel Clarke, Minister of Finance and the Public Service.
He was speaking at the 2024-2025 Budget Debate in the House of Representatives on Tuesday.
