Budget Highlights 2016 - The Good Life Beakons

  • Budget Highlights 2016 - The Good Life Beakons

The Good Life Beckons



  • Local Government Elections to be held on March 18, 2016 after 19 years!


Jubilee & Tourism

  • $300M for Golden Jubilee celebrations
  • $200M for Georgetown Restoration Programme.
  • Four-day Jubilee Festival for National Stadium; Coconut Festival along with local events countrywide
  • Campaign ‘Home Coming Guyana’ to target Guyanese Diaspora.
  • “Guyana, South America Undiscovered” – new initiative to market Tourism
  • Revised National Tourism Policy to be developed


VAT, Taxes & Business

  • Income Tax threshold raised to $660,000, from $600,000; more than 68,000 workers to benefit
  • VAT exemption for par-boiled rice; packaging materials and malt extracts other than Ovaltine
  • Customs Act to exempt computer printer ink and toner cartridges for non-commercial printers
  • From April 1, GPL to increase rebate to consumers from 10 percent to 15 percent
  • Reduction in taxes on new tyres
  • Tax exemption on all bio-degradable containers used in the packaging of food and beverages.
  • No excise tax on motor vehicles under 1500cc and less than four years old; other taxes reduced from 118% to 68.2%.
  • Income Tax exemption for income earned by Artistes during festivities certified by the Tourism Minister.
  • Government to support private businesses by cutting bureaucratic red tape.