Finance Minister says increase in income tax threshold done within budget constraints

By Prince Moore    

 

Finance Minister Fayval Williams says the increase in the income tax threshold to $1.8 million in the first instance will result in take home pay of about $2,000 more monthly.

 

As she opened the Budget Debate in the House of Representatives on Tuesday, the Finance Minister said the income tax threshold will be increased to $2 million over a three-year period, starting on April 1.

 

There have been concerns that the increase is not effective and would only be in line with inflation.

 

But speaking on TVJ's All Angles on Wednesday evening, Mrs. Williams defended the increase, noting that it was done within the constraints of the government's budget.

 

"Yes, on a monthly basis, let's call it $2,000 a month. If you faithfully put away that $2,000 because it's something that you were not getting before. At the end of three years, you'll have a tidy sum that you could put down on a car, a little Probox that you have to drive to go to work, and you don't have to stand up in the sun or think about rain to get a vehicle to drive," she suggested.

 

An additional $2,000 per month for three years would amount to roughly $72,000.