BUDGET 2023: Thousands to pay fewer taxes as income tax threshold moves to $85K

In budget 2023, Finance Minister Dr. Ashni Singh has proposed that the income tax threshold moves to $85,000, allowing thousands of workers to pay fewer taxes and take home more money each month.

Dr. Singh, during his presentation of the 2023 National Budget on Monday, said that this move will mean that over 12,000 people will no longer pay income taxes. Those are people who earn 85,000 and less.

What this also means is that individuals will only pay tax on the amounts earned after the first $85,000 is deducted.

This proposed move, the Finance Minister said, will deliver some $3.3 billion additional disposable income to people across the country.

This budgetary measure also adds to the government’s salary increases for healthcare workers and members of the disciplined services. Through this measure, another $3 billion in disposable income will be added to the hands of those workers.