High-income earners return to less tax

THE MINISTRY of Finance says the tax on high-income earners imposed by the Government last year expired on March 31 this year.

Clarification on the issue comes against the background of growing concerns among accountants and payroll clerks about the continued drawdown of the tax from the salaries of employees.

The additional income tax was imposed on workers who earned above $5 million.

Last year, the Government increased the income tax for workers earning between $5 million and $10 million from 25 per cent to 27.7 per cent.

There was also a tax increase to 35 per cent for persons earning more than $10 million.