Effective April 1, the income tax threshold will be increased to 1.7 million dollars up from the current 1.5 million dollars.

Finance Minister Dr. Nigel Clarke gave details on the increase while opening the budget debate in Parliament, yesterday.

His comments follow a previous announcement by Prime Minister Andrew Holness about an improved version of the income tax threshold dubbed “1.5, 2.0”.

The increase to take effect next month, translates to approximately $200,000 more. 

The Finance Minister said this increase will cost the government about 9 billion dollars.