By Celestine Chacon, January 18, 2025
Prime Minister Mark Phillips has praised the 2025 national budget, valued at 1.382 trillion dollars, calling it a “people-centered” initiative aimed at improving the well-being of ordinary citizens.
Speaking on the budget, the Prime Minister dismissed opposition claims that the budgetary measures were politically motivated, emphasizing that the allocations reflect a continuation of the government’s manifesto promises that have been in progress since 2020.
The Prime Minister highlighted several key features of the budget, particularly the focus on taxation reforms.
These reforms are designed to increase disposable income for Guyanese citizens.
Notably, the income tax threshold has been raised to G$130,000 per month, and the Pay As You Earn (PAYE) tax rate has been reduced from 28% to 25%.
These changes, along with other allowances and incentives, are expected to give citizens more money to spend while maintaining policies aimed at controlling inflation.
A significant part of the budget also addresses the needs of those eligible for the National Insurance Scheme (NIS) pension but who have not met the required contribution thresholds.
A G$10 billion allocation has been made to provide support for these individuals, helping to alleviate financial pressures.
Prime Minister Phillips reiterated that the measures in the 2025 budget are designed to deliver tangible benefits to the people of Guyana, reflecting the government’s ongoing commitment to improving the lives of its citizens.