In the recent 2023 Budget sitting, this tax-free threshold has further been increased to K20,000 per annum.
Treasurer, Ian Ling-Stuckey, has announced that this change is only for a 12-month period and is scheduled to end on 31 December 2023.
“The Government has yet to indicate whether this threshold will be maintained or revert back given it is still being labelled as a temporary relief measure,” states Sam Koim, Commissioner General for the Internal Revenue Commission (IRC).
