Personal income tax – The personal income tax allowance will be increased to $600,000 annually or $50,000 monthly, representing a rise in the threshold of $10,000.
Public assistance, pensions – Public Assistance of $5,500 is to be increased to $5,900 with effect from May 1, 2012. Old Age Pension, meanwhile, are to increase from $7,500 per month to $8,100 per month, from May 1, 2012.
Support for GuySuCo, GPL – There is to be a transfer of $4 billion from the government to GuySuCo to ensure that the sugar industry is financially able to meet its operating and investment requirements. There will also be a transfer of $6billion from the central government to GPL to subsidise the cost of fuel and to stave off the need to increase tariffs.
Removing export duties – Legislation will be introduced to remove taxes on originating goods in pursuance of Article 14 and Annex 1 to the Economic Partnership Agreement (EPA) between the EU and members of Cariforum, which call for the removal of such taxes within three years of signature of the Agreement.
