Jamaica’s Tax Administration has announced the introduction of a new income tax threshold, effective from January 1.
The increase in the threshold will see individuals benefiting from a tax-free income of JMD220,272 annually, which translates to JMD18,356 (USD229.5) monthly or JMD4,236 (USD53) weekly.
The income tax threshold was also increased last year on July 1, 2008 to JMD196,872 (USD2,461), up from the previous JMD193,440.
Employers are being reminded to make the necessary adjustments to their payroll system to reflect the increase in the threshold, so that their employees may benefit from the increase. In addition to employees, all individuals resident in Jamaica, whether self-employed or pensioners will also benefit from the increase in the income tax threshold.
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