Tax break costing far less in year 1
January 3, 2017 by IC Insider.com
According to the inflows of PAYE, the difference between inflows for 2015 amounted to $46 billion to November is only $3 billion more than the intake of $43 billion for the same period in 2016. Revenues lost monthly, since August, the first month that revenues would be affected by the lower tax payments is now running around $1.2 billion lower than in 2015, suggesting that the full impact for the current fiscal year will end up costing $9 billion instead of the $12.5 billion originally stated. The cost for a full year would be in the order of $14 billion.
According to Shaw, 251,000 persons would have benefit from the increased threshold. Revenues for Government of Jamaica fiscal operations to the end of November 2016 are $26 billion ahead of the similar period in 2015. For the current fiscal year, revenues are $13.8 billion ahead of forecast an amount that has already exceeded the amount forgone in income tax.
Filed Under: Economy, Feature Stories Tagged With: Audley Shaw, Jamaica Government, Tax break