Finance Minister Dr Nigel Clarke
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There will be no new tax to finance this year's J$1.3 trillion budget, the seventh consecutive year that this is happening.
Finance Minister Dr Nigel Clarke instead announced a further income tax concession, moving the threshold from $1.5 million to $1.7 million for the 2024-2024 fiscal year.
Additionally, government plans to introduce a reverse tax credit of $20,000 for people earning $3 million and lower.
The promised increase in the de minimis value of imported goods will take effect next month. This means the value of goods that can be imported duty free will be increased from US$50 to US$100.
Additionally, the duty-free threshold for personal items brought in by travelers returning to the country will be increased from US$500 to US$1,000.
The Finance Minister announced as well that, in light of the risk of running afoul of World Trade Organization stipulations, General ConsumptionTax is to be removed from raw food imports.
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