Nov 24, 2017 Last Updated 10:16 AM, Nov 8, 2017

The Minister of Finance & the Public Service

The Honourable Minister Audley Shaw CD, MP, Minister of Finance and the Public Service. He is a graduate of Northern Illinois University (NIU) with a Bachelor of Arts and Master of...

Minister of State in the Ministry of Finance and the Public Service

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Minister of State in the Ministry of Finance and the Public Service

The Honourable Fayval Williams, MP, is Minister of State in the Ministry of Finance and the Public Service. Minister Williams is a Chartered Financial Analyst (CFA), and holds an M...

$1.5M Income Tax Threshold now in effect

The second phase of the two tiered income tax threshold increase announced by the Minister of Finance & the Public Service in the 2016/17 Revenue Measures took effect on April 1, 2017. 

This adjustment has resulted in an increase in the threshold or tax-free amount from $1,000,272 to $1,500,096 per annum, broken down on a periodic basis as follows:

Threshold for individuals for year of assessment 2017
Period Weekly $           Fortnightly $        Monthly $                
January 1, 2017 to March 31, 2017 19,236 38,472 83,356
April 1, 2017 to December 31, 2017 28,848 57,696  125,008

 

The Increase will result in an additional monthly tax savings of $10,413.

While the standard income tax rate for individuals remains at 25%, a tax rate of 30% will continue to be applied to statutory income earned in excess of $500,000 monthly.

The “effective threshold” for the year of assessment 2017 will be $1,375,140, which is the maximum relief for 2017, as outlined below:-

Calculation of the effective threshold for year of assessment 2017
Period Threshold ($)  
January 1, 2017 to March 31, 2017 $250,068 (1,000,272 ÷ 12 x 3)
April 1, 2017 to December 31, 2017 $1,125,072 (1,500,096 ÷12 x 9)

 

Persons may contact the TAJ Customer Care Centre at 1-888-Tax-Help (1-888-829-4357) toll-free for further information or assistance.


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Contact:

TAX ADMINISTRATION JAMAICA
Communications Unit
PCJ Building (4th Floor)
36 Trafalgar Road, Kingston 10
Phone: 922-8746
Fax: 754-9593
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.jamaicatax.gov.jm
Facebook: www.facebook.com/jamaicatax

 

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