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Gov’t allocates $9B for cost-of-living measures

Jan 18, 2025 News

Kaieteur News-  Finance Minister, Dr. Ashni Singh on Friday announced this year’s Budget at $1.382 billion, with $9 billion allocated to address the cost of living.

In his five-hour long presentation, Dr. Singh pointed to a suite of measures that will cost the treasury over $90B, not including the impact of the electricity tariff adjustment and the removal of the excise tax on fuel.

Here are some key measures outlined in this year’s Budget:

  • $5,000 increase in oil age pension (from $36,000 to $41,000 per month)
  • $,3000 increase in public assistance (from $19,000 to $22,000)
  • Introduction of $10,000 health voucher to aid in financing health tests
  • One-off grant of $100,000 for every newborn baby born in Guyana to a Guyanese mother.
  • Increase in income tax threshold from $100,000 to $130,000 monthly.
  • Reduction in the Personal Income Tax rate of 28% to 25%
  • $10B injection to NIS to assist those aged 60 and above who have not met the 750 minimum contributions to receive old age pensions.
  • Removal of VAT on the importation of machinery used in the agriculture sector and on automated poultry pens and veterinary supplies.
  • Removal of VAT on electricity generators.
  • Increasing the ‘Because We Care’ Cash Grant from $40,000 to $50,000 and $5,000 uniform voucher per child.
  • Continuation of $100,000 cash grant for adults, 18-years and older.
  • Introduction of $10,000 non-taxable income for one parent for each child.
  • First $50,000 for overtime workers to be non-taxable monthly. This will also apply to an individual’s second job, if it exists.

(Gov’t allocates $9B for cost-of-living measures)

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