VP Jagdeo assures "no new taxes" in Budget 2024

Offering an insight into the upcoming 2024 National Budget, Vice President, Bharrat Jagdeo has assured that no new taxes would be imposed on Guyanese, as the Government advances economic growth programme.

“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,” the Vice President told reporters during his weekly press conference at Freedom House.

In the 2023 Budget, the excise tax on petroleum products was reduced from 10 percent to zero – a measure, the Government, at the time, said would have resulted in tax revenue losses of over $17B.

It had also taken a decision to increase the income tax threshold from $75,000 to $85,000 monthly. The Government also increased of the government’s ‘Because We Care’ cash grant from $25,000 to $35,000, and old-age pension from $28,000 to $33,000 monthly while public assistance was adjusted upward from $14,000 to $16,000 monthly.

Brushing aside criticisms by the Leader of the Opposition, Aubrey Norton, the Vice President said Guyanese can expect a budget that focuses not only on the expansion of the economy, but also advancements in social sector, and even more infrastructural projects.

“You will see economic infrastructure continuing, projects that will expand our productive capacity, you will see support for industries, you will see social infrastructure – community roads, health centres, health facilities, education facilities, recreational facilities, large amounts being done in the communities themselves; you will see more help to vulnerable groups, significant support to children, women and the elderly, there are specific initiatives that would tackle those in a major way that you will see,” Mr Jagdeo said.

He said the Government will also foster an environment that support job creation and its expansion.

Hours ahead of the Vice President’s press conference, the Leader of the Opposition Aubrey Norton, during his own press conference, predicted that the Budget will fall short in addressing the core issues affecting the Guyanese people, and will be more of the same.

The Opposition, however, is pushing for a reduction in Value-Added Tax (VAT), a substantive increase in the Income Tax Threshold, increase in the minimum wage by at least 50%, the removal of personal income tax for low-wage earners, and the implementation of free university education among other measures.