$781.9B Budget 2023 balances pressing needs of today with critical investments for tomorrow – Finance Minister

The content originally appeared on: INews Guyana
Senior Finance Minister Dr Ashni Singh presenting Budget 2023

Citing that it is a budget for all Guyanese and for the future, Finance Minister Dr Ashni Singh today presented the massive $781.9 billion Budget 2023 to the National Assembly.

This is the PPP/C’s fourth national budget since taking office in August 2020.

Under the theme: “Improving Lives Today, Building Prosperity for Tomorrow”, Dr Singh said that Budget 2023 strikes a balance between addressing the pressing needs of today and the critical investments needed for tomorrow thus ensuring that both are attended to.

Budget 2023 also reflects a number of measures that are geared towards providing further stimulus to economic activity and the productive sectors, as well as to bring relief to households and individuals. These interventions are targeted towards continuing to increase the disposable income of our citizens, while facilitating and promoting job creation and income generation, coupled with an institutional framework that will reduce the cost of doing business all with the aim of improving the lives of all Guyanese,” the Finance Minister noted.

He went onto say, “…this is a Budget for all Guyanese and it is a Budget for now and for the future. Budget 2023 delivers on its promise, and on our PPP/C Government’s unwavering commitment, to improve the lives of every single Guyanese family and individual and to improve the opportunities they enjoy for the future.  It is also a responsible Budget, cast within the context of a macroeconomic framework that recognises the risks we face both from the global economy as well as from the realities that confront a new and emerging resource-based economy.”

According to the Finance Minister, the aggregation of the sleuth of measures in Budget 2023 will place over $50 billion in the hands of citizens thus easing the cost of living pressures while incentivising the expansion of economic activity and job creation in Guyana.

Below are some of the highlights and key measures of Budget 2023:

Income Tax Threshold increased was increased from $65,000 to $75,000 monthly

Because We Care Student Grant was increased from $25,000 to $35,000

Old Age Pension was increased from $28,000 to $33,000 monthly

Public Assistance increased from $14,000 to $16,000 monthly

10% reduction of excise tax on fuel maintained

Reduction of freight charges extended for 2023

$10B plugged into the expansion of Government’s Part-time Job Programme

Low-Income Mortgage Ceiling increased to $20 million from $15 million

14% VAT removed from sale of Residential Properties

14% VAT removed on new (less than four years old) electric motor vehicles

Write-down allowance applicable to all electric motor vehicles increased to 50% annually

Duty on the importation of new motor vehicles (less than four years old) below 1500 cc reduced to 35%

Flat tax rate of $800,000 set for importation of used vehicles (four years and older) below 1500 cc

$5.2B to advance construction of new Demerara River bridge

Gas-to-Shore Project gets $43.3B in Budget 2023

Budget 2023 allocates $4B for GuySuCo