BUDGET 2024: Government removes VAT and duty on sport equipment

With the aim of making them more accessible and affordable, the Dr. Irfaan Ali-led government has removed Value Added Tax (VAT) and duty on sport equipment.

Finance Minister Dr. Ashni Singh made the disclosure during his 2024 Budget presentation on Monday at the Arthur Chung Conference Centre, Liliendaal.

This, Dr. Singh highlighted, is in recognition of the importance of sport to human and economic development, particularly as it relates to young people.

In late December, President Ali hinted that the government would put mechanisms in place to foster the further development of the sector, with the hopes of propelling Guyana as the premier destination for entertainment and sport tourism in the region.

These measures are part of the G$4.6 billion allocation for sport in Budget 2024.

It is a $300 million increase from the budgeted G$4.3 billion in 2023, which also saw G$500 million in supplementary funds approved in August 2023.