Senior Minister in the Office of the President with responsibility for Finance Dr Ashni Singh yesterday tabled a bill to pave the way for the implementation of the measures announced in the 2022 national budget.
The Fiscal Enactments (Amendment) Bill seeks to amend Sections 8, 20, 36, 36A and 60 of the Income Tax Act to “increase disposable income by increasing the income tax threshold from seven hundred and eighty thousand dollars to nine hundred thousand dollars.”
The government recently announced the planned increase of the income tax threshold from $65,000 to $75,000. This move, it notes, releases a total of $1.3 billion into the hands of current taxpayers, both in the public and private sectors.