Income Tax Threshold Increase and Tax Credit
In April 2024, the threshold for personal income tax will be increased to J$1,700,088 from J$1,500,096 and a tax credit will be given to Jamaicans earning less than $3 million per annum. The threshold refers to the part of an individual’s income which bears no tax; 25 per cent is deducted from the portion of the salary that remains. Who...