Income Tax Threshold increase to $65,000 monthly
DPI, Guyana, Monday, November 26, 2018
Finance Minister Winston Jordan during his budget presentation earlier today announced an increase to the income tax threshold of $780,000, representing a 30 percent increase, since the coalition government assumed office in 2015.
According to the Finance Minister, the increase will see some $805 Million being returned to taxpayers.
Minister Jordan said since entering office, the coalition government has made tax reform a top priority. He said the previous four budgets contained a wide range of tax measures that are designed to promote economic growth and to build a sustainable revenue base for government.
Other measures in the 2019 budget that will see a $3.5 Billion benefit for Guyanese taxpayers, “builds on the success (of the Coalition Government) to date by targeting production, incomes and exports. At the same time, they support the strengthening of some weak areas, including the closing of loopholes and the simplification of business processes,” the Minister said.
He said the wages and salaries of public servants will be increased in 2019, after discussions with the respective unions, with the expectation that a multi-year package will be concluded that progressively improves workers’ income.
Other measures in the 2019 budget include proposals in support of the government’s green agenda, exemptions for remigrants, public officials or officers, old age pensioners and persons living with disabilities, and measures in support of the private sector, among others.
Images: Keno George.