Finance Minister Says Tax Threshold of $1.5 Million is only a Start

Minister of Finance and Public Service, Hon. Audley Shaw, says the plan to increase the income tax threshold to $1.5 million in the upcoming financial year is only a start, as the Government is also committed to providing tax relief for persons earning more.

“Even as we want to start with those earning below $1.5 million, we know that those earning above $1.5 million and onwards to $5 million are also stressed, and we are going to be dealing with them as well,” he said.

Mr. Shaw was addressing staff at the offices of the Ministry of Finance and Public Service, at Heroes Circle, in Kingston, today (March 11).

The Minister said he expects this upcoming tax plan will result in a happier and more productive workforce in the public and private sector sectors.

“That return in productivity is going to be demonstrated in the incremental growth that we are going to get in the economy,” he added.

The Minister told the staff that there are a number of entities and individuals looking to invest in Jamaica and the Ministry will be critical to ensuring a smooth path for these investments and for job creation.

He also highlighted the Ministry’s role in the implementation of growth strategies at this crucial time, when energy costs, as well as inflation and interest rates are trending down.

“I am pleased to hear the Financial Secretary’s plans for greater productivity, as that’s where growth begins. Growth is something that everybody has to embrace and a productive workforce and a productive public sector are part of that growth plan,” he said.

Mr. Shaw further noted that his Ministry will be working closely with the newly-established Ministry of Economic Growth and Job Creation in the Office of the Prime Minister, in order to unlock all areas of potential growth.

Meanwhile, in an interview with JIS News, Mr. Shaw confirmed that there will be a slight delay in presenting the national budget.