On January 1,2013 the Government of Jamaica announced an increase in the Income Tax Threshold and a decrease in the Corporate Income Tax rate.
In respect of individuals, the Personal Income Tax (PIT) threshold or tax-free income increases to $507,312.00 per annum, up from $441,168.00 per annum. The increase in the threshold means that the corresponding tax-free portion to be used by employers in making periodic payments is as follows:
- $9,756 weekly
- $19,512 fortnightly
- $42,276 monthly
Persons are reminded that income in excess of the threshold will continue to be taxed at 25%. Pensioners and persons sixty-five and over are further reminded that in addition to the threshold they are entitled to a pension exemption of $80,000 and an age exemption of $80,000, respectively.
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