JLP Leader Dr Andrew Holness and PNP President Mark Golding
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JLP Leader Andrew Holness, speaking in Montego Bay, and PNP President Mark Golding in Mandeville on Saturday night
With nine days to go before the September 3 parliamentary general election, the two major political parties contending for power made huge income tax relief promises to the voters on Sunday night.
First, the incumbent Jamaica Labour Party (JLP), unveiling its 110 page election manifesto at its rally in Montego Bay, St. James, promised to gradually cut income tax to 15 per cent of annual earnings, if it remains in office for a third term.
Currently, a personal income tax rate of 25 per cent is applied to annual taxable income, while those whose earnings exceed six million dollars pay 30 per cent.
Then, Mark Golding, Opposition Leader and President of the People's National Party (PNP), announced
that, should his party form the next government, it will raise the income tax threshold to $3.5 million.
This means workers earning up to $3.5 million dollars in annual salaries will pay zero per cent in Income Tax, up from the current threshold of $1.8 million.
Earlier this year, in the Budget Debate, the government announced that the threshold would be raised to two million dollars in three phases over three years.
The JLP's new manifesto promises to steadily reduce the burden of direct taxes, and shift towards a more growth-friendly structure that relies more on indirect taxation.
The party adds that this will allow income earners to keep more of what they earn.
The JLP says this plan will ensure that all contributors to national development are treated fairly and will reward effort and enterprise.
It says, by broadening the tax net, the responsibility of funding public services is more evenly shared, while maintaining economic stability.
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