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GOJ: Tax Computation for Income In Excess of 6 million dollars July 1, 2016

Posted by utechalumni in Current Events.
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MINISTRY OF FINANCE & THE PUBLIC SERVICE
PRESS RELEASE
FOR IMMEDIATE RELEASE

Tax Computation for Income In Excess of 6 million dollars

The Government of Jamaica (GOJ) remains committed to improving the lives of Jamaicans at all levels and in creating an enabling business environment that will redound to the strengthening, and growth of the Jamaican economy.

Effective July 1, 2016, tens of thousands of Jamaicans, will begin to benefit from an increase in the personal income tax threshold, as it moves from $592,800.00 to $1,000,272.00 which is consistent with GOJ’s thrust to reduce the level of taxes on individuals and businesses.

GOJ has continued to execute its tax reform package which will see a shift from direct tax to the implementation of indirect tax measures. In tandem with a comprehensive tax reform programme, is the thrust to increase tax compliance and GOJ will continue through Tax Administration Jamaica to ramp up efforts in that regard.

Come July 1, 2016 earners in excess of $6 million will begin to pay an additional 5% on the personal income tax moving the tax rate from 25% to 30%. This new…

VIEW FULL DETAILS HERE!

 


Alumni Relations Office
University of Technology, Jamaica
876-970-5468

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