The Inland Revenue Department is in the process of sending out the necessary relevant tax information, to ensure that there is compliance with the new tax rates, announced in the 2018 National Budget.
Among the tax measures announced, by Minister of Finance Camillo Gonsalves in his recent budget presentation, is a reduction in the marginal rate for personal income tax from 32.5 percent to 30 percent.
Comptroller of the Inland Revenue Department, Kelvin Pompey said, tax payers who were in the maximum bracket of 32.5 percent in 2017, would now benefit from a reduction in taxes of 2.5 percent.
He said there will also be an increase in the standard deduction. Mr. Pompey explained that tax payers, who were in the maximum bracket of 32.5 percent in 2017, would now be saving approximately $1,200 per year.