The second phase of the two tiered income tax threshold increase is now in effect.

This adjustment has resulted in an increase in the threshold or tax-free amount from one million two hundred and seventy two dollars, to one million five hundred thousand and ninety six dollars per annum, that has been broken down on a periodic basis.

The increase will result in an additional monthly tax savings of ten thousand four hundred and thirteen dollars.

Tax Administration Jamaica says while the standard income tax rate for individuals remain at 25 percent, a tax rate of 30 percent will continue to be applied to statutory income earned in excess of five hundred thousand dollars monthly.

Persons may contact TAJ’s customer care centre at 1-888-829-4357 for more information.