Budget 2023: Income Tax Threshold raise to $85,000

Finance Minister Dr Ashni Singh has announced the increase of the Income Tax Threshold from $75,000 to now $85,000.

In his presentation of Budget 2023, Minister Singh explained that this Measure will see some 12,000 taxpayers being removed from the tax net.

“Every single taxpayer will benefit… This will result in a $3.3 billion increase in disposable income,” he said.

This increase will be effective from the 2023 year of income. Last year, the threshold was raised from $65,000 to $75,000.