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Vehicle taxes record whopping 25% revenue increase

Feb 11, 2010 News

Excise taxes on vehicles brought into the country saw a whopping increase in revenue in this department by 25 per cent to government coffers last year.
The $7.3B in excise taxes was not only as a result of higher levels of vehicle importations but also the computerization of the motor vehicle registration process which picked up a number of illegal vehicles. Increased surveillance activities by the Guyana Revenue Authority also helped in recovering revenues that would have been lost.
Last year, records revealed that more than 3,000 vehicles entered the country legally through the ports.
The disclosure was made during Monday’s 2010 budget presentation by Minister of Finance, Dr. Ashni Singh.
GRA amassed $89.1B in revenues with internal collections alone increasing by six per cent to account for almost $37B. There was a marked increase, the minister said, in the payments by self-employed persons by 24 per cent and a 20 per cent increase in corporate tax payments by public sector companies. Corporation taxes by private sector companies and income tax increased by almost five per cent for both, while Customs taxes and trade saw growth growing by two per cent to $7.7B, due primarily to the increased levels of imports of consumption goods.
Additional revenues from the restoration of excise tax on fuel saw $6.5B being added to the coffers of government, despite its subsequent lowering.
Collections from the Value Added Tax (VAT) declined by over three per cent but still raked in revenues of $23.3B.
However, total expenditure last year saw government spending $127B – 11 per cent more than 2008.This was mainly due to the increased investments in the agricultural, housing and construction sectors, Singh revealed.

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