$25,000 to each household as Guyana presents multi $billion budget

$25,000 to each household as Guyana presents multi $billion budget

A $330 billion emergency budget will be presented to the citizens of Guyana on Wednesday.

According to Kaieteur News Online, the budget will be presented at the 2nd sitting of the National Assembly.

In lieu of a Minister of Finance, Vice President Bharrat Jagdeo, who has oversight of the sector, will present the budget speech.

Revised tax measures and incentives announced by President Dr. Irfaan Ali is expected to provide relief to the citizens, according to the Guyana Chronicle.

One of those measures includes a direct cash transfer of $25,000 to each household for vulnerable and critical in need. 

Pensioners will also receive $25,000 and free access to water.

Some of the other initiatives include:

  • Reversal of VAT on electricity and water
  • Reversal of VAT and duties on machines and equipment
  • Tax concessions on mining, agriculture, and forestry
  • Reversal on land lease fees
  • Removal of VATon pesticides and agrochemicals
  • Reversal on VAT on all exports
  • Removal of VAT on hinterland travel
  • Removal of VAT on all medical supplies
  • Removal of VAT on building and construction materials
  • Removal of VAT on cell phones
  • Removal of corporate tax on private education.
  • Removal of corporate tax on private healthcare
  • Mortgage interest relief moves to $30M
  • Reverse policy on used tyres and vehicles.

Effective from January 2020, parents will receive $15,000 cash grant for children and $200M will be used to expand Guyana’s learning channel.

Children will also receive a school uniform voucher which has doubled to $4000 per child.

An additional $800M will be used to develop the Amerindian development fund.

Frontline workers will also receive a piece of the pie as $150M will be allocated to them.

The Government is also looking into solar power as  25000 solar units will be given to hinterland.

Guyana’s police force will also receive a boost as 50 new 4×4 vehicles will be given to the force.

Its tourism sector will also be in focus as a special incentive fare is in place for new hotels.

Guyana has been without a budget since 2018 after a no-confidence motion was brought against former President David Granger.

Additionally, the five-month delay to announce a new President following the elections led to a late budget being presented, just three months shy of the new fiscal year.