Public servants across St. Vincent and the Grenadines are expected to enjoy more disposable income as at 2023, thanks to salary increases and a reduction in personal income taxes.
Addressing a press conference this morning, Minister of Finance the Hon. Camillo Gonsalves outlined that the government in agreement with the labour unions has raised salaries by 7% over three years with public servants receiving 2.5 percent in 2023, 2 percent in 2024 and 2.5 percent in 2025.
He give a breakdown as to how certain categories of workers will benefit.
He also noted that the top rate for personal income taxes is being reduced across the board for everyone as at 2023 from 30 to 28 percent stressing that there will also be a simultaneous reduction in corporate taxes.
At the same time the threshold for the payment of taxes is also being increased from 20 to 22 thousand dollars. According to the finance minister many persons in St. Vincent and the Grenadines will now not be paying income taxes as many make below 18 thousand dollars per year.