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The first increase of $100,000 in the income tax threshold announced by the Government last month takes effect today.
During her contribution to the 2025/2026 budget debate in Parliament on March 11, Finance Minister Fayval Williams said the threshold will gradually increase from $1.7 million to $2 million.
She said the threshold will be increased in three tranches, the first being $1.8 million.
While many Jamaicans welcomed this news, some tax experts warned that the new measure could result in challenges.
Fayval Williams appointed as Jamaica’s new minister of finance. (2024, November 1). - The Habari Network. https://www.thehabarinetwork.com/fayval-williams-appointed-as-jamaicas-new-minister-of-finance