Thousands of Guyanese to stop paying income tax as threshold increases
GEORGETOWN - Over 68,000 workers will be removed from the income tax roll, as a result of an amendment to the Income Tax Act that will see the income tax threshold increased to GUY$660,000 (US$3,248) from GUY$600,000 (US$2,952).
That was among the measures outlined by Minister of Finance Winston Jordan as he presented the 2016 National Budget.
He also delivered the news that promised salary increases for public servants for this year, would have to await the conclusion of discussions with the relevant unions.
“The government understands the disappointment this will create among public servants, but wishes to assure them of our commitment to their welfare and advancement. We ask that they give the collective bargaining process an opportunity to work,” Jordan said.
Among the other measures announced were a slight increase in pensions for almost 50,000 senior citizens.
The Finance Minister said that effective April 1, pensioners will receive GUY$18,200 (US$89.56) monthly, up from GUY$17,000 (US$82.84).
“In the short space of eight months, the Coalition Government has been able to increase old age pension by 38.7 percent. This increase is extended to ex-employees of the Guyana Telecommunications Corporation,” Jordan said.
Also from the beginning of April, all Guyanese citizens 65 years and older will no longer be required to pay for a driver’s licence, and will be exempt from travel tax when travelling overseas on a Guyanese passport.