Tuesday, December 5, 2023
HomeBUSINESSGovt considering adjustment to income tax threshold, increasing minimum wage

Govt considering adjustment to income tax threshold, increasing minimum wage

The Ali-led Administration is re-evaluating Guyana’s projected revenues and the economy, intending to adjust the daily minimum wage further while increasing the income tax threshold.

President Dr Irfaan Ali revealed this during a press conference at State House in Georgetown on Saturday.

“This is something I am presently reviewing with an aim at a further adjustment in the daily minimum wage,” President Ali stated.

The Head of State added that they are “reviewing observative capacity at further advancing liquidity in your pocket by an adjustment in the tax threshold. This is another issue I would say is on the front burner of consideration.”

The Guyanese Leader told media operatives that his government is analysing the numbers to ensure that “whatever we come up with” is in keeping with the sustainability of the economy.

Last year, in July, the minimum wage for private sector employees increased from $44,200 to $60,147 monthly. The private sector employees last saw an increase in 2017.

The income tax threshold stands at $75,000. During the presentation of Budget 2023, the Senior Minister in the office of the President with responsibility for Finance, Dr Ashni Singh, proposed that this figure be increased to $85,000 monthly.

He said this adjustment will see over 12,000 persons be removed from paying income taxes, and every single taxpayer will benefit.



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