NO NEW TAXES FOR FY 24/25; REVENUES REMAIN STRONG
At today’s Post Cabinet Press Briefing, the Honourable Fayval Williams, Minister of Finance and the Public Service disclosed that government revenues continue to remain strong for the financial year 2024/ 2025 as a result of the Government’s skillful and prudent fiscal management. No new taxes are necessary at this time.
In keeping with its commitment to economic stability and compassionate fiscal management, the Government has not introduced any new taxes since 2016.
Furthermore, Minister Williams highlighted that the Government prioritized comprehensive reform aimed at stimulating economic activity and improving the standard of living for all Jamaicans. Key initiatives include:
- Increasing Income Tax Threshold to 1.7 million
- Reduction of GCT by 1.5%
- Introduction of the one-off 20,000 Reverse Income Tax Credit
- Increasing the pensioner tax exemption from $80,000 to $250,040
- Doubling of the de minimis value for imported goods US$100
These reforms have been instrumental in strengthening the Jamaican economy, leading to increased confidence and, most importantly, meaningful benefits for the Jamaican people.
Minister Williams commented: “Our administration remains committed to creating an environment where all Jamaicans can enjoy the benefits of economic growth and businesses can thrive without the imposition of new taxes. Maintaining this stance is crucial for the continued prosperity of our nation. The Jamaican people can rest easy knowing that their Government will seek opportunities to give back, not impose new taxes and take from them.”
The Government will continue to focus on policies that promote economic resilience, social equity, and national development, ensuring that Jamaica remains on a path towards sustained prosperity, productivity and peace.