Gov’t considers raising tax exemption threshold to $15K
Premier Dr. Natalio Wheatley announced that the government is exploring an increase in the tax exemption threshold from $10,000 to $15,000 to mitigate the economic impact of the planned minimum wage increase.
This, he said, is the government’s way of easing any pressures on businesses that may come with the yet-to-be-seen implementation of a promised minimum wage increase.
Speaking at a press conference on Thursday, January 23, Premier Wheatley revealed that deliberations on the now-delayed minimum wage adjustment are nearing conclusion. He emphasised the government’s goal to minimise the ripple effects of rising wages on the cost of living.
“We want to explore sharing the burden with the businesses, so that means potentially increasing the payroll exemption from $10,000 to potentially $15,000,” the Premier stated.
Dr. Wheatley also outlined plans for a phased approach to implementing the minimum wage increase, noting that adjustments would be made incrementally to ensure stability. “But I’ll be speaking to the public about that once I conclude all my deliberations,” he added.
Postponement of minimum wage increase
The Ministry of Financial Services recently postponed the minimum wage increase, initially scheduled to take effect on November 30, citing an undisclosed policy matter. A new implementation date is expected in the first quarter of 2025.
The increase, announced in July 2024 under then-Deputy Premier and Minister for Financial Services and Labour Lorna Smith, proposed raising the hourly wage from $6 to $8.50. This adjustment would have increased fortnightly earnings for minimum wage workers from $480 to $680 for a standard 40-hour workweek, providing an additional $200 every two weeks.
Mixed reactions
While employees have welcomed the wage increase as necessary to address the rising cost of living, small business owners have expressed concerns about sustaining operations under the new wage structure. Consumers have also raised questions about potential price hikes.
During the House of Assembly in December 2025, Premier Wheatley reaffirmed the government’s commitment to implementing the revised minimum wage. However, he stressed the importance of a cautious approach to prevent unintended consequences for workers, businesses, and consumers alike.
The government’s exploration of tax relief measures, including the proposed increase in the payroll tax exemption, is part of a broader strategy to balance economic growth with affordability and sustainability. Further updates are expected once deliberations are finalized.
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How about 20k so all of the small folks struggling to pay rent and utilities can survive with our small salaries from the minimum wage being low, and the people making decent amount of money take on that burden and still live comfortable.
While you are at it, time to increase the duty free threshold at Customs…$50 is nuts. Probably costs you more to administer the tax than what you collect at those tiny levels.
Also I tired of seeing them Changan thrash cans on the road let me bring in my own ride and not pay 20%.
The dealers killing us here and when them get a pardon they don’t pass it onto the consumers! get ride on the import fees or lower it to something resonable!
“$6 to $8.50. This adjustment would have increased fortnightly earnings for minimum wage workers from $480 to $680 for a standard 40-hour workweek, providing an additional $200 every two weeks.”
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First, I cannot believe that in the year 2025 the minimum wage in this country is currently $6 ($240/wk) with the proposed increase to be $8.50 ($340/wk). Unbelievable.
In 1978, one of my first jobs elsewhere paid me $5/hour for a 40 hour week ($200/wk).That’s 47 years ago!
What can a person do with $240/$340/week in this place considering the high expense of everything around us? My God.
These are the kind of wages that could make you want to take man if you are morally challenged to bring in some extra change, or get sticky fingers if no one is watching, or swing from a pole under purple lights late at nights. After all, the bills got to be paid.
Ms. Jane, how are you doing down Carrot Bay? Mr. Ratty, how you doing up East End? Ms. Geny, how you doing up Butu Mountain? Mr. Penn, how you doing down Road Town? How are guys making ends meet?
No wonder the young people are engaged in selling drugs which I do not condone; however, it certainly can help explain perhaps the motivation of some who are committing these kinds of crimes.
At any rate, listen up people who find themselves making minimum wage. You have got to get you a serious skill or some additional education to elevate yourself out of these slave wages.
If I can do it, you can. Today I feel guilty making the money I do, but God knows I worked hard for every dollar I make having done the hard work of getting a good education and skill set that allows me to live my best life today.
You can do the same. Emancipate yourself from these slave wages. You cannot depend on these wages to get you thru this life as the cost of everything is high and wages are low and stagnant (inflation).
You will never get anywhere fast making that kind of money. Your sufferings will be non-stop and guaranteed.
The government could care less about you when it comes to that. So do what you have to do for now, but you have got to come up with a plan B to elevate yourself out of this financial slavery. Again, you can do it, and you must or stay poor forever.
I missed something. How does the government come up with a figure of $480 to $680 for a standard 40-hour work week with an hourly current wage of $6 to be increased to $8.50?
Now unless I fell and hit my head today rendering me to be unable do math anymore, this math is not matting.
With their figures, the minimum wage currently would be $12/hour to be increased to $17/hour. We know that not to be the case.
Somebody help me out here and tell me I am not nuts. If I am nuts, let me know. I will voluntarily check myself in to the old folks home today, and stay quiet.