Personal income tax that you pay will be reduced starting from today for a number of brackets as announced in the 2012 National Budget.
This means that the take home pay will increase for a number of people as you will pay a lower level of PAYE or income tax.
Prime Minister and Minister for Finance Commodore Voreqe Bainimarama had announced that people earning $15,600 or less in a year will no longer pay PAYE.
The income tax brackets:
For those earning $15,601 to $22,000, your tax rate will be 7% compared to the current 25%.
The fixed component in this bracket is eliminated.
For those earning between more than $22,000 to $50,000, the tax rate will be 18% compared to the current 31% and the fixed component will be decreased.
People earning more than $50,000 to $100,000 will pay an income tax rate of 20% compared to the current 31%.
The fixed component for this bracket will also decrease.
For those earning more than $270,000, a Social Responsibility Levy will be applied on full chargeable income, starting at 23%for income tax band from $270,000 to $300,000.
Story by: Sofaia Koroitanoa
PAYE tax to be reduced from today
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