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GOJ: Increase in Personal Income Tax Threshold FY 2016/17 July 1, 2016

Posted by utechalumni in Current Events, Professional Development.
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REVISED
TECHNICAL NOTE
Personal Income Tax Threshold & Rate
FY 2016/17
Revenue Measures
June 30, 2016

 

Purpose
The purpose of this Note is to provide guidance on the application of the amendments to the Income Tax Act as it relates to the implementation of the new income tax rate and the increase in the income tax threshold as announced in the 2016/17 Revenue Measures.

Objective
The 2016/17 Revenue Measures outlined to the House on the May 12, 2016, in which the Minister of Finance and the Public Service (MoFP) asked the Honourable House to consider an increase in the personal income tax threshold from $592,800 to $1,000,272 effective July 1, 2016 and to a further $1,500,096 effective April 1, 2017. The measure is recommended on the grounds that it will provide low income earners with additional disposable income.
The Revenue Measures covered:
(1) An increase in the personal income tax threshold from $592,800 to $1,000,272 for year of assessment 2016.
(2) An increase in the personal income tax threshold from $1,000,272 to $1,500,096 for year of assessment 2017
(3) The Income Tax Rate of 30% on statutory income in excess of $6,000,000.

VIEW FULL DETAILS HERE!



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

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