Threshold increase to $60,000; Old age pension increase to $19,000
Under the theme ‘Building a diversified, green economy: delivering the good life to all Guyanese’, Budget 2017 was this afternoon presented to the National Assembly by Finance Minister, Winston Jordan.
The budget totaling $250B provides for an increase in old age pension from $18,200 to $19,000 from January 01, 2017.
Public assistance will be increased to $7,500, while foster care stipend will be increased to 20,000.
Meanwhile, the income tax threshold was increased from $55,000 per month to $60,000 per month.
Personal Income tax to be reduced from 30% to 28% for persons earning less than $108 000 per month, while, Corporate Tax will be reduced from 30% to 27.5%.
Additionally, Passport fees were increased from $4,000 to $6,000 however, persons above 65 years old will be exempted.
The 2017 National Budget stands at 250 Billion dollars which is an increase of 8.7 percent compared to the last budget presented.