In the 2024 National Budget, Finance Minister Dr. Ashni Singh has put forward a proposition to raise the income tax threshold to $100,000. 

This adjustment is aimed at reducing the tax burden on thousands of workers, enabling them to retain more of their earnings each month. 

During his budget presentation on Monday, Dr. Singh highlighted that this shift would result in individuals earning $100,000 or less being exempt from income taxes. 

Essentially, individuals would only be taxed on amounts exceeding the initial $100,000. 

The Finance Minister explained that this proposed change would inject an additional $4.8 billion of disposable income into the hands of people nationwide. 

Importantly, this fiscal measure complements the government’s commitment to salary increases for healthcare workers and members of the disciplined services.