Gov’t allocates $9B for cost-of-living measures

Jan 18, 2025 News

Kaieteur News- Finance Minister, Dr. Ashni Singh on Friday announced this year’s Budget at $1.382 billion, with $9 billion allocated to address the cost of living.

In his five-hour long presentation, Dr. Singh pointed to a suite of measures that will cost the treasury over $90B, not including the impact of the electricity tariff adjustment and the removal of the excise tax on fuel.

Here are some key measures outlined in this year’s Budget:

$5,000 increase in oil age pension (from $36,000 to $41,000 per month)
$,3000 increase in public assistance (from $19,000 to $22,000)
Introduction of $10,000 health voucher to aid in financing health tests
One-off grant of $100,000 for every newborn baby born in Guyana to a Guyanese mother.
Increase in income tax threshold from $100,000 to $130,000 monthly.
Reduction in the Personal Income Tax rate of 28% to 25%
$10B injection to NIS to assist those aged 60 and above who have not met the 750 minimum contributions to receive old age pensions.
Removal of VAT on the importation of machinery used in the agriculture sector and on automated poultry pens and veterinary supplies.
Removal of VAT on electricity generators.
Increasing the ‘Because We Care’ Cash Grant from $40,000 to $50,000 and $5,000 uniform voucher per child.
Continuation of $100,000 cash grant for adults, 18-years and older.
Introduction of $10,000 non-taxable income for one parent for each child.
First $50,000 for overtime workers to be non-taxable monthly. This will also apply to an individual’s second job, if it exists.

(Gov’t allocates $9B for cost-of-living measures)

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Dr. Ashni Singh, electricity tariff, Guyanese mother, removal, veterinary supplies

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