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Income Tax Computation Schedules for Individuals

February 7, 2025

ANNUAL INCOME ($) ANNUAL ALLOWANCE ($) ANNUAL CHARGEABLE INCOME ($) 1/2 YEARLY INCOME ($) 1/2 YEARLY ALLOWANCE ($) 1/2YEARLY...
Notice to Employers, Employees & Self-Employed Persons | REVISED PERSONAL ALLOWANCE AND DEDUCTIONS FOR INCOME TAX 2025

February 7, 2025

Effective January 1, 2025, the personal income tax allowance and provides for non-taxable deductions for employed and self-employed individuals. Hereunder are the key updates: INCOME TAX RATES: Section 36 of the Income Tax Act has been amended to reduce the personal income tax rate from twenty-eight percent (28%) per annum to twenty-five percent (25%) per annum. As a result of the reduction in the tax rate, chargeable income previously taxed at the twenty-eight percent (28%) tax rate has been increased from two million four hundred thousand dollars ($2,400,000) per annum to three million one hundred and twenty thousand ($3,120,000) dollars per annum. This amount of chargeable income will now be taxed at twenty-five percent (25%). Section 36A of the Income Tax Act has been amended to reduce the personal income tax rate from forty percent (40%) per annum to thirty-five percent (35%) per annum to be applied on the chargeable income of individuals in excess of three million one hundred and twenty thousand dollars ($3,120,000) per annum. ANNUAL STATUTORY DEDUCTIONS ARE: Personal Allowance Section 20(1)(a) of the Income Tax Act, Chapter 81:01 has been amended to increase the annual Personal Deduction to one million, five hundred and sixty thousand dollars ($1,560,000), or 1/3 of an individual income from all sources excluding income subject to withholding taxes under section 39(1) per annum whichever is greater. Child Allowance(s) Section 20 (1)(b) of the Income Tax Act, Chapter 81:01, allows for an annual deductible child allowance of $120,000 for each child under the age of eighteen years old. This allowance must not exceed ten thousand dollars ($10,000) monthly per child and will be apportioned according to the individual’s earning period. Only one person will be entitled to claim for child allowance Definitions: “person” includes a mother, father, stepmother or step-father, adoptive parents, guardian and any person who has treated a child as a child of the family. “child” includes a step-child, or child adopted by law or a child of the family within the meaning of the Family and Dependants Provision Act;...
Want of Entry Vehicles: John Fernandes Terminal

February 5, 2025

Notice is hereby given that the above-mentioned goods stored at John Fernandes Terminal will be...
Want of Entry Vehicles: John Fernandes Ltd. Wharf

February 5, 2025

Notice is hereby given that the above-mentioned goods stored at John Fernandes Ltd. Wharf will...
Want of Entry Vehicles: GNSC Wharf

February 5, 2025

Notice is hereby given that the above-mentioned goods stored at GNSC Wharf will be disposed...

Tax Calendar

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Tax Calendar

Week of Dec 30th

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Income Tax Computation Schedules for Individuals

Notice to Employers, Employees & Self-Employed Persons | REVISED PERSONAL ALLOWANCE AND DEDUCTIONS FOR INCOME TAX 2025

Want of Entry Vehicles: John Fernandes Terminal

Want of Entry Vehicles: John Fernandes Ltd. Wharf

Want of Entry Vehicles: GNSC Wharf

Tax Calendar

Week of Dec 30th

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