New Income Tax Exemption Threshold Announced 

Prime Minister John Briceño announced a new threshold for income tax exemption. The announcement was made during his State of the Nation address this morning in Belmopan. He said, “Effective January 1st, in support of employees, Cabinet has approved that all workers who earn less than 29 thousand dollars will be exempt from income tax.’ According to the Prime Minister, by increasing the income tax exemption threshold from $20,000 to $29,000, an additional 2,851 workers will no longer be subject to income tax. “The income tax laws will also be adjusted so that in no instance will an employed person take up less pay when his or her salary increases.”

The amendment is expected to benefit about 733 employed persons.

Briceño also announced that, “As we ring in the new year, the government will pass legislation so that all mortgages, assignments, and cancellations of mortgages for less than 100,000 dollars will be exempt from stamp duty.”

According to the Prime Minister, this exemption will assist lending institutions to compete for business and bring down interest rates.