At least 2 financial experts express support for PM’s promise to improve income tax threshold
At least two of the nation’s financial experts are in favour of Prime Minister Andrew Holness’ recent promise to implement an improved version of the 1.5 million dollar income tax threshold.
According to Mr. Holness the promised tax plan which is dubbed the “1.5, 2.0”, will help to further ease the financial burden of citizens.
Similar to his general election campaign promise in 2016, the Prime Minister’s recently promised tax plan comes ahead of the February 26 Local Government polls.
Speaking with Irie FM News, Financial Analyst Dennis Chung said in principle, he has no issue with the government increasing the income tax threshold.
He noted, however, that there should be a policy to eliminate direct taxes on income and move solely towards consumption taxes, which is more efficient.
Admitting that there would be complaints from those who pay consumption taxes, Mr. Chung said there are ways to address that situation.
President of the Private Sector Organization of Jamaica, PSOJ Metry Seaga also agreed that increasing the 1.5 million dollar income tax threshold will provide a financial break for citizens at lower wage levels.
He is hopeful that the economy is strong enough for the new threshold to be implemented without any new taxes imposed on citizens.