Gov't's $1.5m income tax plan takes effect
The government's income tax plan is now in effect.
This means that Pay-As-You-Earn or PAYE earners will now have up to $1.5 million of their income tax-free.
However, because of the April 1 implementation date only $1.3 million of earnings will benefit from the tax-break for this calendar year.
The adjustment will translate in tax savings of $10,413 monthly for PAYE earners.
Meanwhile, the TAJ says those who earn over $500,000 monthly will continue to be taxed at 30 per cent, as opposed to the standard 25 per cent.