Guyana National Budget 2024

• Guyana’s projected budget for 2024 is expected to continue fostering ongoing growth in all sectors of the economy, ultimately leading to an improvement in the quality of life for all Guyanese citizens.
• The Budget for 2024 totals $1.146Tn, which is 46.6% larger than the previous 2023 Budget. Revenues of the Central Government before Guyana Redd plus Investment Fund (GRIF), carbon credit, and Natural Resource Fund inflows are expected to grow by 11.8% in 2024.
• Tax revenues - with the only change being an increase for personal allowances in individual tax - will comprise 95.6% of total revenues. The overall deficit after grants for the Central Government is projected at $395.9Bn, or 8.5% of GDP. Most notably, real GDP growth is projected at 34.3% in 2024, slightly up from the 33.0% expansion recorded in 2023.
• Some proposed measures in the budget include an increase in the income tax threshold; measures related to the adjustment in the National Insurance Scheme (NIS); an increase in disposable income through measures such as debt write-offs and higher social grants; the removal of value-added tax (VAT) and Duty on fire extinguishers and smoke alarms; and reduction in freight charges.
• Over the last 8 years or more, there has been a steady increase in the income tax threshold, which provides relief from taxation for individuals earning a specified amount. The new measure entails an increase in the income tax threshold from $85,000 to $100,000 per month, with effect from income year 2024.
• For the NIS, Dr. Ashni Singh, Senior Minister, Office of the President, with Responsibility for Finance, announced further measures geared towards the increase in the disposable income for citizens, including higher minimum pension and Survivor’s Benefit payable to dependents of deceased insured persons; effective January 1, 2024.

 (Sources: Guyana Chronicle & PwC)