Jamaica Tax Agency Issues Technical Advisory on Individual Income Tax Threshold Increases, Pension Income Exemption

The Jamaican Tax Administration April 5 issued Technical Advisory No. 042024/01/IT-TA, on the annual individual income tax threshold and the annual pension income exemption, from April 1, 2025, until Dec. 31, 2028. The guidance includes the individual income tax threshold increases to: 1) approximately 1.8 million Jamaican dollars (US$11,318) from 1.7 million dollars (US $10,678) for 2025-2026, from April 1; 2) 1.9 million dollars (US$11,947) for 2026-2027, from April 1, 2026; and 3) 2 million dollars (US$12,569) for 2027-2028, from April 1, 2027. The guidance also clarifies that pensioners under age 55 may only apply the 250,040 dollar (US$1,571) pension ...