President Irfaan Ali has alluded to the possibility of an additional increase in the income tax threshold later this year.
He emphasized that a comprehensive evaluation of the country’s current revenues and projected earnings is presently underway.
Currently, the minimum wage stands at $75,000 for the public sector and $60,000 for the private sector. In the recent budget presentation, Finance Minister Dr. Ashni Singh proposed raising the income tax threshold to $85,000. This adjustment would result in thousands of workers paying fewer taxes and taking home a larger portion of their income each month.
However, President Ali clarified that a thorough review is being conducted to potentially further adjust the minimum wage while ensuring the sustainability of the economy.
President Ali also announced forthcoming consultations with healthcare workers and teachers upon his return from the United Kingdom. These consultations aim to foster engagement and develop a comprehensive set of measures aimed at enhancing the well-being of these vital segments of the workforce.
As the government focuses on economic empowerment and improving the standard of living for citizens, the potential increase in the income tax threshold stands as a key initiative in this endeavor.
Reporter: Saskia Warrick, NCN News