2010 Tax Reform

In 2008 Government implemented the first of a three part income tax reform to bring relief to citizens.

The tax free allowance was raised from $15,000 to $18,000 per annum. There was also a reduction in the rate of tax in each tax bracket; that is from 20% to 18% on the first $20,000 of taxable income, from 30% to 28% on the next $30,000 of taxable income and from 40% to 38% in the next tax bracket.

In January 2009 the second of those three phases, Government increased the non-taxable allowance to $20,000 per annum. The rate of tax in each bracket was further reduced to 16%, 26% and 36% respectively.

In January 2010, the final of the three part reform further reduced the rate of tax bracket to 15, 25 and 35 percent per annum.