Gov’t open to considering proposal to increase tax threshold

Premier and Minister of Finance Dr. Natalio Wheatley has indicated that his government is open to considering a proposal to increase the tax exemption threshold for low-income earners in the territory.

The tax exemption threshold allows employees to earn their first $10,000 annually untaxed. The proposal to increase the tax threshold for minimum wage earners from $10,000 to $15,000 has been discussed recently, with many stakeholders advocating for the change to provide relief to low-income workers. In response to this proposal at a recent press conference, the Premier noted, “It is something that I’ve heard about. I think we can consider that proposal within our general proposals for tax-related [issues].”

During the press conference, the Premier was asked about Deputy Premier Lorna Smith’s comments on the matter. Smith reportedly expressed support towards reducing the tax threshold for some earners. She stated, “I understand what they are getting at, and I do agree. So if there is a way that we can do it so that it impacts persons who are at the higher end, we should do it.”