Income tax threshold increased to $85,000
The income tax threshold has increased from $75, 000 to $85,000 this year.
This measure will place a total of $3.3 billion of disposable income into the pockets of taxpayers in the public and private sectors according to Minister Dr Ashni Singh during his presentation of the 2023 Budget on Monday.
This translates to some $33,600 annually for taxpayers who earn $100,000 per month.
“These interventions are targeted toward continuing to increase the disposable income of our citizens, while facilitating and promoting job creation and income generation, coupled with an institutional framework that will reduce the cost of doing business all with the aim of improving the lives of all Guyanese,” he told the National Assembly.
This adjustment will see some 12, 000 persons being removed from paying income taxes.
Budget 2022 saw the income tax threshold being increased from $65,000 to $75,000 monthly.