Financial Analyst Dennis Chung has described several of the announcements by Finance Minister Fayval Williams in her Budget speech yesterday, as good measures that will put money back in the pockets of people.

Opening the Budget Debate in Parliament yesterday, Mrs. Williams announced that the government will be increasing the income tax threshold to 2 million dollars.  

This will be done in 3 tranches over a 3 year period starting April 1, 2025. 

She added that the General Consumption Tax, GCT on electricity for postpaid residential customers will be reduced from 15 to 7 percent, effective May 1.  

The government has also allocated one billion dollars to assist 20,000 first time prepaid JPS customers.

Speaking with Irie FM News, Mr. Chung said the minister’s presentation was focused on initiatives to spur economic activity and benefit citizens.

He noted that the JPS initiatives will ease the burden on legal JPS customers who have been paying for electricity theft.