💰 2024 Budget: Major Tax Relief Package
April 2024 marked a significant milestone for Jamaican workers when the government implemented the largest tax relief package in recent years, costing approximately J$21.4 billion in foregone revenue.
What Changed in April 2024:
- Tax Threshold: Increased from J$1.5M to J$1.7M annually
- Monthly Equivalent: From J$125,000 to J$141,667 tax-free monthly
- Pension Relief: Tripled from J$80,000 to J$250,040 for seniors
- New Reverse Tax Credit: J$20,000 cash for eligible workers