Tax computation methodology remains unchanged — Finance Ministry  

News post June 17, 2016



KINGSTON, Jamaica – The Ministry of Finance has sought to clarify media reports about tax methodology computation, which it says remains unchanged. In a news release late Thursday, the finance ministry said effective July 1, 2016 approximately one per cent of individuals will be taxed at a rate of 30 per cent on their annual income earned above $6 million.

The ministry reiterated that the tax methodology computation remains unchanged, which, in effect, is applied on the aggregate income. “The impact is mitigated by the increase of the income tax threshold to $1 million, which takes effect come July 1, 2016, and is applied to all PAYE employees, pensioners, self-employed and other individuals,” the finance ministry said. The release also said officials of the Finance Ministry are willing to continue discussions with those who will be affected

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