JLP promises 15% income tax cut, senior benefits in election manifesto
The Jamaica Labour Party (JLP) has pledged to reduce the personal income tax rate to 15 per cent on a phased basis if it secures another term in government. The commitment was outlined in the party’s newly released 110-page election manifesto, I Choose Jamaica, The Next Chapter, launched Sunday night in Sam Sharpe Square.
2025-08-26 12:27:47 - VI News Staff
“We will build on our 1.5 [income tax threshold] … and embark on a disciplined, deliberate phased move toward a long-term base rate for personal income tax of 15 per cent,” the document states. Currently, Jamaicans pay a 25 per cent income tax rate, with earnings above $6 million taxed at 30 per cent.
The JLP says the reform represents a long-term vision to reduce the burden of direct taxes and shift towards a system more reliant on indirect taxation, while allowing “hardworking Jamaicans to keep more of what they earn.” The party argues this approach would broaden the tax net, promote fairness, and maintain economic stability.
The manifesto also highlights other proposed tax reforms. Among them, a plan to reduce and eventually eliminate the asset tax on regulated financial institutions “as fiscal space allows,” and the consolidation of four statutory deductions—Education Tax, HEART, NIS, and NHT—into a single payment to simplify payroll administration for employers and employees.