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Guyana Budget for 2023 Includes Increased Monthly Allowance for Individuals and Tax Support for EVs

24 January 2023

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Approved Changes

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Guyana

Guyana's Ministry of Finance has published the Budget Speech 2023, which was delivered on 16 January 2023. Measures include: Increasing the monthly taxable income threshold (allowance) for individuals from GYD 75,000 to GYD 85,000 per month (GYD 900,000 to GYD 1,020,000 per year); Maintaining the zero excise tax on fuel as long as fuel prices remain elevated (first provided in March 2022); Removing 14% VAT with respect to the sale of residential properties; Measures to support a transition to electric vehicles (EVs): removing 14% VAT on new EVs (not hybrid) of any power rating (new refers to vehicles less than...