As the NCB Group continues to demonstrate strong financial performance, the Group also continues to review and adapt its operating model in order to ensure its sustainability and viability for the future. The financial services industry is currently being disrupted based on the rapid pace of technological change and consumer demands for financial services experiences that are simpler, faster, more affordable and more enjoyable. With these changes and with companies such as Amazon, Google and Apple now providing financial services, it is incumbent on NCB to adapt our business model to ensure we can meet our customers’ expectations and compete strongly in the new norm.
The second phase of the two tiered income tax threshold increase announced by the Minister of Finance & the Public Service in the 2016/17 Revenue Measures took effect on April 1, 2017.
This adjustment has resulted in an increase in the threshold or tax-free amount from $1,000,272 to $1,500,096 per annum, broken down on a periodic basis as follows: