Sun | Sep 24, 2017

Gov't's $1.5m income tax plan takes effect

Published:Monday | April 3, 2017 | 4:54 PM

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.