No new taxes in Budget 2024
– this advance gov’t’s agenda for sustainable wealth – Dr Jagdeo
As the anticipation builds for the presentation of the 2024 budget on Monday, General Secretary of the People’s Progressive Party (PPP), Dr Bharrat Jagdeo has promised that this year’s budget will not impose any new taxes on Guyanese.
He said that this year’s budget will further align Guyana and its people along the path of transformation and prosperity as he announced no new taxes to be introduced.
“It has been a trend of the PPP governments. This is something we promised in our Local Government campaign – no new taxes. But I can say even at the national level that there will be no new taxes,” Dr Jagdeo said.
At his weekly press conference at Freedom House on Thursday, the general secretary said that Guyanese could expect a major emphasis on economic and social infrastructure, support for industries, and the advancement of initiatives to expand job creation.
“You will see…[more] community roads, health facilities, educational facilities, recreational facilities, large amounts being done in the communities themselves. You will see more help to vulnerable groups and significant support to children, women, and the elderly. There are specific initiatives that will tackle those in a major way,” he pledged.
Last year’s budget was a whopping $781.9 billion, the largest ever with no taxes imposed.
The largest allocation was for the Ministry of Public Works; some $136.1 billion was allocated to enhance the country’s road and bridge network, in addition to a multitude of transformational projects.
In 2023, several major projects saw notable advancement, including the construction of the New Demerara River Bridge, and the Linden – Mabura Hill Road.
Significant allocations were also directed to improve the country’s framework for health, agriculture, housing, and education, among others.
To cushion the global effects of inflation, as well as to increase disposable income, the 2023 budget saw the income tax threshold being increased from $75,000 to $85,000 monthly, the increase of the government’s ‘Because We Care’ cash grant from $25,000 to $35,000, an increase in old-age pension from $28,000 to $33,000 monthly, and in public assistance, from $14,000 to $16,000 monthly.
Further, some $5 billion was allocated for cost-of-living measures, which has facilitated a one-off tax-free grant of $25,000 for members of the public sector, pensioners, and disciplined service, an increase in the earnings of community enhancements workers under the Community Infrastructure Improvement Project (CIIP), and the purchase of fertiliser for distribution to farmers.
“We’re going to continue to support our children, and fulfill our promises to the pensioners, and support the expansion of healthcare…I can assure you that Monday’s budget will continue to support the same progressive annual accumulation of wealth and welfare to the citizens of the country,” the GS affirmed at his press conference.
The 2023 budget was passed under the theme: Improving Lives today, Building Prosperity for Tomorrow.