Sun | Jan 21, 2018

The wait for the $1.5m tax break promise ... Budget this afternoon

Published:Thursday | May 12, 2016 | 12:40 PM

The country will this afternoon know whether the Jamaica Labour Party government will deliver on its election promise to remove income tax for persons earning under $1.5 million.

Finance Minister, Audley Shaw will open the budget debate shortly after two this afternoon.

He will outline some of the programmes that the government will embark on this fiscal year. 

However he will also have tell the country how the government will fund its $580-billion budget and the proposed $1.5 million tax plan.

If implemented, some Jamaicans could take home an additional $18,000 a month in income. 

During the run up the February general elections, the JLP had said the plan would be implemented without any additional taxes.

However, after taking office, Shaw announced that money which the government had been eyeing for the plan was not available. 

The $1.5 million tax plan has been criticised by some members of the private sector and trade union groups who argue that the measure as proposed is unsustainable and inequitable.