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2024 Budget: Government removes Duty and VAT on Sports equipment
Duty and Value Added Tax removed from Sports Equipment.
Kaieteur Sports – In a groundbreaking move aimed at fostering the growth of sports in Guyana, the Dr. Irfaan Ali-led government has announced the removal of Value Added Tax (VAT) and Duty on sports equipment following Monday’s Budget presentation. Finance Minister Dr. Ashni Singh revealed this significant development during the 2024 Budget at the Arthur Chung Conference Centre, Lilliendaal.
The decision to eliminate these taxes reflects the government’s commitment to making sports more accessible and affordable for all. Dr. Singh emphasized the importance of sports in both human and economic development, particularly emphasizing its impact on the younger generation.
This strategic decision aligns with President Ali’s vision, as he hinted in late December that the government would implement mechanisms to further develop the sports sector. The overarching goal is to position Guyana as the premier destination for entertainment and sports tourism in the region.
The financial commitment to this vision is evident in the allocation of G$4.6 billion for sports in the 2024 Budget. This marks a substantial increase of $300 million from the budgeted G$4.3 billion in 2023. Notably, the 2023 budget also witnessed an additional G$500 million in supplementary funds approved in August 2023, underscoring the government’s ongoing dedication to investing in the sports sector.
By removing VAT and Duty on sports equipment, the government aims to lower barriers to entry for aspiring athletes, sports enthusiasts, and communities at large. This move is expected to spur increased participation in sports activities, creating a positive impact on public health, community engagement, and the overall well-being of the citizenry.
- Arthur Chung Conference Centre, Finance Minister, Lilliendaal, removes, sports equipment, Value-Added Tax (VAT)
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