Updated: Environmental tax reintroduced; VAT to be paid on water, electricity; Old Age Pension increaesed
by Derwayne Wills
Guyanese will now have to pay Value Added Tax (VAT) on water and electricity consumption above a certain level, while the overall of Value Added Tax on businesses has been reduced to 14 percent on companies, Finance Minister Winston Jordan announced in the 2017 National Budget.
Jordan said local and foreign beverage companies would from January have to pay GYD$10 per unit (bottle or can). The law will be amended to create a level playing field for local and foreign companies in keeping with Caricom’s Treaty of Chaguaramas.
In the area of VAT on businesses, he said the threshold has been hike from GUY$10 million to GYD$15 million to reduce the burden on the Guyana Revenue Authority and target those that account for a large revenue earnings.
Meanwhile, Old Age Pensions have increased t0 GYD$19,000 and GYD$7,500 for monthly Public Assistance.