Live Blog: 2024/2025 Budget Debate Loop Jamaica

The content originally appeared on: Jamaica News Loop News
Loop News

6 hrs ago – Updated

Finance Minister Dr Nigel Clarke opens the Budget Debate.

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Finance Minister Dr Nigel Clarke has just concluded the opening of the 2024/25 Budget Debate. 

Clarke announced an increase in the income tax threshold from $1.5 million to $1.7 million and a new reverse tax credit, which will see Jamaicans who earn $3 million and under receive a tax credit of $20,000. 

There will also be an increase in import duties from US$50 to US$100 and an increase in personal effects following air travel from US$500 to US$1,000. 

The minister also announced that the Andrew Holness-led government will introduce Unemployment Insurance to Jamaica to benefit the people of Jamaica. 

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