Senior Minister within the Office of the President with responsibility for Finance Dr Ashni Singh presented the largest budget in Guyana’s history to the National Assembly on Monday January 15. The theme of the $1.146 trillion dollar budget was Staying the course: building prosperity for all.
Singh noted that budget 2024 is 46.6 percent larger than its 2023 predecessor and is fully financed without the inclusion of any new taxes.
Some of the notable measures in the budget highlighted by Singh includes the increase in the income tax threshold which now stands at $100,000. As a result of this measure, some 13,000 persons will be removed from paying income tax
The Because We Care cash grant which was reintroduced by the government has been increased to $40,000. Each school child can now expect $45,000 when cash grant is added to the $5000 uniform voucher.
The NIS minimum pension and the Survivors’ pension have been increased to $43,075 from $35,000 and $21,537 from $17,500 monthly, respectively. Meanwhile Old Age Pension saw a $3000 increase from $33.000 to $36,000.
Like Old Age Pension, Public Assistance has seen a $3000 increase from $16,000 to $19,000.
Persons who require eye tests have not been excluded. Singh announced that a $3000 voucher will be given towards the cost of an eye test for 205,000 school children and 76,000 pensioners at a cost to the government of $840 million.
Women between the ages of 21 to 65 who require to be tested for cervical cancer will be given an $8000 voucher.
Moreover, Value Added Tax (VAT) has been removed from sports equipment and technology
The Senior Minister also announced that 7 billion dollars has been allocated for cost-of-living measures. However, these measures will be “determined after consultation with stakeholders.”