March 11, 2025
#BudgetDebate2025: Income tax threshold to be increased to $2 million over 3 years
The income tax threshold will be increased to $2 million over the next three years beginning April 1, 2025.
Finance and Public Service Minister Fayval Williams made the announcement on Tuesday as she opened the 2025/26 Budget Debate.
“We are a responsible government and so we will increase the threshold in three tranches to $1.8 million, then $1.9 million, then $2 million over a three-year period starting April 1, 2025.
“Doing it this way means our hardworking tax-payers don’t have to guess and spell next year, or the next year or the next year if the threshold is going to increase,” she said.
The current threshold of $1.7 million was announced last year by the former Minister of Finance, Dr Nigel Clarke.
