The Private Sector Commission (PSC) on Tuesday commended the government on its National Budget presentation, while noting that the 2023 edition amounted to $781.9 billion, or a 41.4 % increase on last year’s budget without no new taxes.
The PSC statement cited specific measures in Budget 2023 which includes addressing the rise in cost of living [raising the income tax threshold], maintaining zero excise taxes on fuel and the reduction in freight charges by extending the application of freight cost adjustment for the calculation of import taxes for a 12-month period. A welcomed feature of the budget, says the statement, is that there are no new taxes. This when coupled with other tax relief measures such as removal of the 14 percent VAT [with respect to the sale of residential properties], reduction in new motor vehicles’ duty from 45% to 35% below 1500 cc.; replacement of the current tax rate on used vehicles (vehicles 4 years and older) below 1500cc and the removal of the currently applicable 14 percent VAT on new electric motor vehicles will, according to the PSC, be cost savings to all Guyanese.
