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Taxes on petroleum products, vehicle imports remain big earners for Guyana

Apr 25, 2014 News

– PAYE contributions drop

Taxes on imported petroleum products and motor vehicles remained among the biggest earners for the country.
Last year, revenues from the import taxes raked in $24.1B, more than the $20.6B budgeted for. These include taxes on motor vehicles, petroleum products, tobacco and alcoholic beverages.
Taxes from vehicle imports alone were $9.9B while petroleum products were $11.7B.
More than $1.3B was collected from tobacco and almost $1.1B from alcoholic beverages imports.
However, less employees were paying the Personal Income Tax – ‘Pay as You Earn’ (PAYE)  with $15.1B in collections from $15.27B budgeted for. Self-employed persons paid over $3.3B, almost $600M less than what was projected.
Collections of Corporation Taxes from private sector companies went up by almost $1.6B to $21.6B. The Guyana Revenue Authority is aiming to collect at least $2B more this year.
At airports, passengers were travelling more. Of the $682M targeted for the travel tax, collections improved significantly to $937M.
The increase in the number of vehicles on the road was the reason why licences for motor vehicles went up to $586M from the $539M budgeted.
Fines from the Supreme Court went up to $158M, almost $8M more.

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