New income tax threshold in effect, employers reminded to make adjustment

Tax Administration Jamaica (TAJ) is reminding taxpayers and employers to adjust their financial planning and payroll systems to accommodate this month's increase of the income tax threshold to $1,902,360, up from $1,799,376. The latest increase in the income tax threshold will result in savings to individuals of $25,518 annually, or about $490.73 weekly, $981.46 fortnightly and $2,126.50 monthly.

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