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Guyana Budget for 2024 Includes Increased Monthly Allowance for Individuals, New VAT Exemptions, and Other Measures

24 January 2024

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Approved Changes

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Guyana

Guyana's Ministry of Finance has published the Budget Speech 2024, which was delivered on 16 January 2024. Measures include: Increasing the monthly taxable income threshold (allowance) for individuals from GYD 85,000 to GYD 100,000 per month (GYD 1,020,000 to GYD 1,200,000 per year); Maintaining the 0% excise tax on fuel (petroleum products) as long as fuel prices remain elevated (provided since March 2022); Removing VAT and Duty on: sports equipment; essential cell phone accessories, such as chargers, charging cables, and headphones, as well as phone components for repairs; and fire extinguishers and smoke alarms; Extending the freight cost adjustment for...