| The 2009 budget has validated the prediction of the Guyana Trades Union Congress (GTUC).This is according to General Secretary (ag) of the Congress, Norman Witter, who at a press conference held yesterday at the Critchlow Labour College told the media that there has been no increase in the income tax threshold,Authentic NFL Jerseys Wholesale China, which still remains at $35,http://www.footlockershop.us.com/Nike-roshe-one-flyknit/,000, or the old age pension, as well as no downward adjustment to the Value Added Tax (VAT).At a press conference held last year the GTUC had predicted that there would be no increases in the income tax threshold or the old age pension, or no downward adjustment of the VAT in the 2009 budget.“One would have thought that a reasonable regime would have revisited the VAT and sought to reduce it,NFL Jerseys Supply, so as to reflect the views of the working people,” Witter said.The GTUC is of the view that VAT should be reduced from 16 percent to 6 percent,cheap nfl jerseys, as Witter called for the government to implement a comprehensive tax system so as to monitor the collection of rates and taxes in the country.In presenting the largest budget in Guyana’s history, Minister of Finance, Dr. Ashni Singh had said that the bulk of the money will be derived from taxes,http://www.footlockershop.us.com/Nike-roshe-one-n7/, with the remainder coming from exports.It was also explained that value added and excise taxes will bring in some $41.3B for this year,wholesale jerseys china, while the nation’s current revenue is targeted at $90.3B, with a contribution of $86.4 billion from GRA’s tax revenue. Customs and trade taxes are projected to collect $7.8B, representing a 3.7 per cent increase over last year; internal revenue, $37.4B. Value-Added and Excise Taxes are expected to rake in some $41.3B, which is some 11.2 percent over 2008.In 2007, when the VAT was first announced to be revenue-neutral, it was expected to rake in $24B but yielded some 36M. The following year yielded another significant increase.The Minister, however, said that the increase for 2009 is based on the restoration of the excise tax on fuel, which was removed last year to keep the price at a minimal rate.Non-tax revenue is geared to rake in some $3.9B, mainly on account of the Bank of Guyana’s net income transfers. Total receipts of the public enterprises are targeted to increase to $110.7B, with taxes and other transfers projected to rise to $1.1B. |
