2013 budget measures

● $1 billion will be given to GuySuCo to modernize the sugar industry.

● Operating and capital transfers to Guyana Power and Light will total $5.8 billion. There will also be a further $5.4 billion to support key projects.

● $2.9 billion will be allocated to maintaining the electricity subsidy in Linden and Kwakwani pending completion of the work by the committee set up to look at the electricity rates.

● Old Age Pension will now be $12,500 per month effective May 1, 2013. The current figure is $10,000 per month.

● Each old age pensioner will granted relief of up to $20,000 per annum for electricity charges incurred with effect from 2013.

● With effect from June 1, 2013 the contribution rate to the National Insurance Scheme for both employed and self-employed contributors will be increased by 1 percentage point. However, for persons whose income is not more than $50,000 per month, government will meet both the employer’s and the employee’s share of the increase in contribution payable.

● With effect from the year of assessment 2014 companies will be charged property tax at the following rates. The first $10 million of net property will be taxed at zero per cent, the next $15 million of net property will be taxed at 0.5 per cent, and the remainder of net property will be taxed at 0.75 per cent.

● With effect from year of assessment 2014, individuals will be charged property tax at the following rates. The first $40 million of net property will be taxed at zero per cent, and the remainder of net property will be taxed at 0.75 per cent. The valuation date for property tax for both companies and individuals will move from January 1, 1991 to January 1, 2011.

● With effect from year of income 2013, that portion of taxable income used by a first-time homeowner to pay interest on a housing loan of up to $30 million from a commercial bank or building society will be exempt from personal income tax.

● With effect from year of income 2013, personal income tax will be charged on income above the current threshold of $50,000 per month or $600,000 per annum at a rate of 30 per cent instead of 33.3 per cent.