The new tax threshold

Nov 29, 2018 News

Dear Editor,

The government has no intentions to help poor and low -income citizens. They are only interested in making a good life for themselves. Here is another example.
In the presentation of this budget, they mentioned that the threshold would be increased from $720,000 to $780,000 a year or 1/3 of your salary, whichever is greater. This means that for persons who are earning over $2,340,234 a year, the threshold would be higher. So, if a person is making $5,000,000 a year then that threshold would be $1,666,500 (instead of $780,000) which they would not pay on.
This means, the more you earn the less you pay and the only persons earning those kinds of pay are the big wigs, Ministers and others, not the poor and low-income. This government takes the Guyanese people for fools and thinks that they can pass anything and justify anything because the citizens are ignorant.
The threshold was not increased last year. This year, we were looking forward for it to increase to at least $80,000, taking into consideration the extremely high cost of living; or at least reduce the PAYE. The government is living in an alternate universe where every citizen is their subject with great admiration for them, no matter what they do.
They have no intention of making a better life for the ordinary man, much less a good one like for the majority of folks of Guyana.

Concerned Citizen
Editor’s note: Income tax is paid on the difference between the threshold and the difference in earning. If an individual earns $100,000 a month, then he pays tax on $35,000. The person earning $5 million would pay tax on $3,340,000.
Just do the Maths!

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

Latest News