Sunday, July 23, 2017

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:


Threshold for individuals for year of assessment 2017

Weekly$ Fortnightly$ Monthly$
19,236 38,472 83,356
28,848 57,696 125,008

 

The Increase will result in an additional monthly tax savings of $10,413.

While the standard income tax rate for individuals remains at 25%, a tax rate of 30% will continue to be applied to statutory income earned in excess of $500,000 monthly.

The “effective threshold” for the year of assessment 2017 will be $1,375,140, which is the maximum relief for 2017, as outlined below:-

Calculation of the effective threshold for year of assessment 2017
Period Threshold $
January 1, 2017 to March 31, 2017 $250,068    (1,000,272 ÷ 12 x 3)
April 1, 2017 to December 31, 2017  $1,125,072 (1,500,096 ÷12 x 9)

Latest News

Residents of Douglas Castle, St Ann recently received much needed relief after a two-day donation...
Reggae Gold 2017 The Reggae Gold compilation series from VP Records has presented the best of dancehall, roots and...
Thumbnail VP Records artist Spiritual has released the video for ‘Stand Up to Rasta’, the first single off...
Thumbnail As of Tuesday, June 6, customers in Region East will now have their meters read by a third Party...
Thumbnail Grammy winning R&B artist Estelle has completed a new  full-length reggae album with VP Records which...

Today's Weather