Finance Minister Fayval Williams
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By Prince Moore
The government has announced that the income tax threshold will be increased to $2 million over a three-year period.
Noting that the government is caring but also fiscally responsible, Finance Minister Fayval Williams said the increase will be done in three tranches.
Mrs. Williams, who was delivering her budget presentation on Tuesday in the House of Representatives, said the income tax threshold will first move to $1.8 million on April 1 this year, then to $1.9 million thereafter, before moving to $2 million in the third year.
She said the phased approach ensures hardworking taxpayers will not have to guess whether the threshold is going to increase.
The income tax threshold was last increased in April 2024 to $1.7 million.
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