JIS News

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  • The threshold on Personal Income Tax will be increased by $49,920 from the present value of $507,312 to $557,232.
  • The Minister noted that this will result in an additional 13,000 persons being removed from the list.
  • The Government will be giving up $650 million in revenue to facilitate the change.

Effective January 1, 2015, the threshold on Personal Income Tax will be increased by $49,920 from the present value of $507,312 to $557,232.

This was announced by Minister of Finance and Planning, Dr. the Hon. Peter Phillips, as he opened the 2014/15 Budget Debate in the House of Representatives on April 18.

The Minister noted that this will result in an additional 13,000 persons being removed from the list who are required to pay tax under the Pay As You Earn (PAYE) system.

Dr. Phillips also pointed out that the Government will be giving up $650 million in revenue to facilitate the change.