JLP explains controversial income tax proposal in 10-point plan
The Jamaica Labour Party has sought to explain the controversial income tax proposal in its 10-point plan recently unveiled by the Opposition Leader Andrew Holness ahead of the upcoming general election.
At a press conference yesterday, Opposition Spokesman on Finance Audley Shaw explained that the JLP would eliminate the income tax for people earning up to $1.5 million a year.
However, he said the current income tax threshold ( the non-taxable limit) of $592,800 would remain for people earning between $1.5 million and $5 million a year.
He said people earning a basic salary of $5 million and above will continue to pay income tax on their entire salary.
Shaw said his explanation was aimed at Finance Minister Dr. Peter Phillips who said earlier this week that the JLP's income tax proposal would mean that fewer than a quarter of Jamaican taxpayers would bear the burden and continue to pay personal income tax.
Phillips also said that the proposal would cost the country more than $30 billion and that the effects on the Budget would be catastrophic.