New tax rates as of 1 October 2008

Posted on 13 July 2008

A new set of personal tax rates are to be introduced as of October 01, 2008.

An increase in the tax bands is also scheduled to occur from April 2010 and April 2011.

tax on annual earnings
12.5% up to $14,000
21.0% between $14,001 and $40,000
33.0% between $40,001 and $70,000
39.0% over $70,000