Budget thoughts – commentary
Stabroek staff – April 9, 2012 Editorial
For the average struggling Guyanese, the most noteworthy announcement made by the Minister of Finance, Dr Ashni Singh in his budget presentation would have been the lifting of the income tax threshold substantially from $40,000 per month to $50,000 per month. For those earning under $50,000 per month it is a significant addition to take home pay even if not enough.
In terms of the heavy tax burden faced by the average Guyanese the raising of the threshold may be seen as just a sweetener to try to mask the bitter pill of the 16% VAT. This tax continues to rake in billions for the government on the backs of the overtaxed while there are valid concerns that those with much greater ability to pay taxes in the business community and elsewhere are escaping with much less than their fair share of the tax obligation. Continue reading
