Latest update April 18th, 2024 12:59 AM
Oct 07, 2021 News
Kaieteur News – The Ministry of Finance revealed, in its latest Mid-Year Report, that the Guyana Revenue Authority’s (GRA) tax collection grew by $22.2 billion to $129 billion. It said this represents 95.4 percent of total revenue collections by the Government for the first half of 2021.
In providing a breakdown of the taxes collected, the Finance Ministry said internal revenue collection totalled $66.6 billion, an increase of 19.1 percent over the same period for 2020. The Finance Ministry said this was mainly due to a $5.1 billion increase in Corporation Tax collection from private companies in the mining and quarrying, retail trade, and telecommunications sectors.
In addition, the Ministry said Personal Income Taxes collection increased by $2.9 billion or 16.4 percent, primarily due to higher payment from companies within the oil and gas sector.
Furthermore, in the first half of the year, it was noted that net Property Taxes grew by $1.6 billion or 56.5 percent to $4.5 billion, reflecting higher payments of $1.3 billion by private companies, including those within the manufacture of beverages and telecommunications industries. Further, the Finance Ministry said Withholding Tax collection rose by $1.3 billion, or 8.6 percent above the $15.1 billion collected during the same period in 2020, mainly due to higher remittances from the mining sector.
As for collection of Customs and Trade Tax, this grew by $2.7 billion, to $12.3 billion, when compared with the same period in 2020. The Ministry said Import duties which represented 87.5 percent of total customs and trade collections increased by $2.4 billion above the corresponding period in 2020, consistent with the higher import levels reflected in the Balance of Payments.
In the area of Value-Added Tax (VAT) and Excise Tax collection, it was noted that this grew by $8.9 billion, or 21.5 percent when compared with the level at the end of June 2020. Within this, the Finance Ministry said VAT increased by $1.2 billion to $27.4 billion, when compared with the same period in 2020. Kaieteur News understands that this was primarily due to a $1.8 billion increase in VAT collection from imported goods and services, outweighing the $0.6 billion contraction in VAT collection from domestic supplies.
As for non-tax revenue collection, the Ministry said this increased by $1.4 billion to $6.1 billion mainly due to higher Bank of Guyana profits.
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