BUDGET 2024: Fewer taxes to pay as income tax threshold moves to $100K

Finance Minister Dr. Ashni Singh has proposed that the income tax threshold moves to $100,000 thereby allowing thousands of persons to pay fewer or no taxes.

Dr. Singh, while presenting the 2024 $1.146 trillion National Budget, said 13,000 people will be removed from paying income taxes as a result of this move.

Those workers who will no longer pay income taxes are those who earn $100,000 or less. What this also means is that individuals will only pay tax on the amounts earned after the first $100,000 is deducted.

In 2022, the income tax threshold was increased to $85,000.