Personal Income Tax ceiling to be raised to $25,000

The Government of St. Vincent and the Grenadines will raise the ceiling for the payment of personal income tax from $22,000 to $25,000, effective January 2024.
The announcement was made by Prime Minister Dr. Ralph Gonsalves, while unveiling 16 significant policy initiatives, during his 2023 independence address at the Victoria Park on Friday 27th October.
Dr. Gonsalves said a rise in the personal income tax ceiling is expected to cost the Treasury approximately $5 million annually.
Continuing on the government’s pro workers agenda, there will be an increase in minimum wages paid to workers, effective January 2024. Dr Gonsalves said the percentage increase would be determined on completion of an ongoing, comprehensive review by the National Wages Council (NWC).
Meanwhile, all Nurses, Nursing Assistants, and Nursing Aids will receive further financial support from government, effective January 2024. This was disclosed by Prime Minister Dr. Ralph Gonsalves in his independence address on Friday. The Prime Minister said an additional monthly supplementary, nontaxable income will be paid to the 750 Nurses on the state’s payment roll, for an initial six-months.
Gonsalves said, “a review will be done thereafter to address a possible upgrading and reclassification of these posts in the nursing profession”.
The monthly supplementary, non-taxable income is geared to ease certain specific challenges currently affecting the healthcare workers, said Dr. Gonsalves.