Jamaica Increases 2015 Income Tax Threshold

by Mike Godfrey, Tax-News.com, Washington

29 December 2014

Jamaica's personal income tax exempt threshold will rise significantly to JMD557,232 (USD4,877) from January 1, 2015.

The income tax threshold currently stands at JMD 507,312. The Government said the higher threshold will result in a tax saving worth JMD12,480 per person. Income above the threshold is taxed at a rate of 25 percent.

The adjustment in the threshold forms part of the Government's revenue measures tabled in Parliament during the 2014/2015 Budget presentation.

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