Guyana Budget for 2024 Includes Increased Monthly Allowance for Individuals, New VAT Exemptions, and Other Measures

Guyana's Ministry of Finance has published the Budget Speech 2024, which was delivered on 16 January 2024. Measures include:

• Increasing the monthly taxable income threshold (allowance) for individuals from GYD 85,000 to GYD 100,000 per month (GYD 1,020,000 to GYD 1,200,000 per year);
• Maintaining the 0% excise tax on fuel (petroleum products) as long as fuel prices remain elevated (provided since March 2022);
• Removing VAT and Duty on:
  • sports equipment;
  • essential cell phone accessories, such …