Enhanced tax collection by Government netted an additional 10.8 percent or $240 billion in revenue last year, according to the recently-released 2019 Annual Report of the Central Bank.
This includes collection of income taxes from private corporations and personal taxes, value added tax (VAT) and excise taxes, greater earnings on trade taxes, and increased collection of other tax revenues.
In contrast, the report stated, non-tax revenues declined by $3.9 billion.
In the area of income tax revenues, Bank of Guyana said that this increased by 19.6 percent to $93,595 million. Private companies’ income taxes, personal income taxes, and withholding taxes expanded by 3.9 percent, 13.2 percent, and 74.4 percent to $40,086 million, $29,211 million, and $22,151 million respectively. Similarly, public corporation taxes grew by 87.1 percent to $2,148 million.
With respect to VAT and excise taxes, these expanded by 9.9 percent to $96,551 million. This was accredited to an increased collection of VAT by 9.5 percent to $52,749 million and excise taxes by 10.4 percent to $43,803 million.
Trade taxes also grew by 13.8 percent to $24,992 million, on account of increased collection of import duties and travel tax by 14.6 percent and 8.6 percent to $22,136 million and $2,827 million respectively. The bank was keen to note however that export duties fell by 11.3 percent to $29 million.
As for other taxable current revenues, these increased by 3.8 percent to $10,855 million. Environmental levy, other (professional fees, surtax, etc.), vehicle licensing, and capital gains increased by 10.1 percent, 10.3 percent, 5.1 percent, and 27.3 percent to $2.1 billion, $1.7 billion, $1.1billion, and $609 million respectively. However, other customs taxes decreased by 10.7 percent to $767 million.
With respect to non-tax revenues, Central Bank said that these declined by 21.4 percent to $14.5 billion, due to reductions in rents and royalties by $348 million, other public department receipts by $1.1 billion, Bank of Guyana surplus by $1.5 billion, dividends from Non Financial Public Enterprises (NFPEs) by $281 million, and other private sector revenues by $1 billion. On the other hand, fees, fines and charges rose by $195 million.
Bank of Guyana also stated that total current expenditure (including debt charges) increased by 8.3 percent to $216,256 million, due to increases in non-interest current expenditures and interest charges by $16.5 billion and $62 million respectively.
With regard to employment costs, the financial institution said that this rose by 15.3 percent to $68.5 billion, reflecting developments in wages and salaries by 15.5 percent and benefits and allowances of public servants by 13.7 percent.
It was further noted that purchases of other goods and services expanded by 13.0 percent to $57.9 billion. The bank said that there was increased spending on miscellaneous goods and services by 18.5 percent, materials and supplies by 14.6 percent, rental and maintenance of buildings by 13.7 percent, maintenance of infrastructures by 11.0 percent, fuels and lubricants expenses by 13.9 percent, transport, travel and postage by 4.4 percent, and water charges by 32.3 percent.
In contrast, electricity charges and telephone charges declined by 12.5 percent and 1.2 percent respectively.
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