BUDGET 2022: Less taxes to pay as income tax threshold moves to $75,000
Workers will now be paying less tax from their salaries as the government has proposed increasing the monthly income tax threshold to $75,000, according to Finance Minister Dr. Ashni Singh.
While presenting the 2022 National Budget at the National Assembly on Wednesday, Dr. Singh announced that the threshold will move from $65,000 to $75,000.
What this means is that individuals will only pay tax on the amounts earned after the first $75,000 is deducted.
And Dr. Singh explained that this measure will see the government forego a total of $1.3 billion that would have otherwise been collected from taxpayers in both the public and private sectors.