Just last year, the 2023 budget shifted annual standard deduction on personal income tax from $20,000 to $22,000, effectively making another $2,000 in earnings tax-free for most workers.
A mere nine months after this shift, Prime Minister Ralph Gonsalves announced in his Independence Day address that the threshold would be raised again, this time to $25,000.
Budget 2024 fulfils the commitment, and furthers government policy objective of reducing taxes on personal income.
Between the end of 2022 and today, the beginning of 2024, the Government has increased the personal income tax threshold by 25 percent, and removed taxes on an extra $5,000 per year of your salary.
The Government will forgo approximately $6.6 million in revenue as a consequence of this measure.
