CAPRI calls for increase of income tax threshold
The Caribbean Policy Research Institute, (Capri), has called on government to raise the income tax threshold, and also peg it to the consumer price index.
The suggestions were made on Thursday evening during Capri‘s forum, – the budget breakdown, an analysis of government‘s proposed revenue and expenditure.
Capri Executive Director Damien King, in highlighting the report, noted that the government‘s 2023 budget is sustainable, as it continues the downward trajectory of debt.
He also noted that income tax revenue is at $252 billion.
Dr King pointed out that, the 1.5 million dollar income tax threshold, set in 2017, has not been adjusted, to account for inflation.
Capri is recommending that the threshold be raised to $2.2 million.
In response, Finance Minister Dr Nigel Clarke said Capri‘s suggestion would be an expensive undertaking.