Government raises income tax threshold to $35,000
- 36,000 employees will be exempt from paying taxes
Georgetown, GINA, January 5, 2008
Government is increasing the income tax threshold which currently stands at $28,000 to $35,000 from January 1, 2008. This announcement was made by His Excellency President Bharrat Jagdeo during a media briefing at State House earlier today.
The Head of State said that this will ensure that 36,000 employed persons will not have to pay any taxes on their salaries and pointed out that this is one of Government’s ways of ensuring that it gives back to the poor in the country to improve their lives.
“We have to do these things in measure, but we are giving back to the poorest people especially something like $3B,” President Jagdeo stated.
The President said that from this initiative, Government will lose $3 billion in revenue for this year because for every thousand dollars that the threshold is increased the country loses approximately $425,000.
“On raising the income tax threshold alone we are giving back $3B and especially to working people so there are greater incentives to work. If you look at the growth in wages and salaries, the wages and salaries have grown from $3.2B when we got into office. Today it’s $22B; that’s a 587 percent increase,” the Head of State noted.
The minimum wage which was $3,100 when the People’s Progressive Party/Civic (PPP/C) took office has risen steadily over the years and is now $28,400 which represents an increase of 805 percent.
This measure is being put in place in light of the rising cost of living as Government continues to find ways of mitigating the effects of rising prices on consumers.
The President alluded to the rising prices of commodities worldwide and the impact this has been having on several countries, not only Guyana. He attributed the increased prices in Guyana today to three major factors: the rising cost-of-living worldwide, the decreasing value of the United States dollar and the continually increasing prices for oil on the world market.
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50,000 pensioners, public assistance recipients to get increases
- will cost government $3.3B
Georgetown, GINA, January 5, 2008
Pensioners and public assistance recipients will receive increases this year as Government continues to work to find ways of improving the lives of Guyanese. His Excellency President Bharrat Jagdeo today made this announcement during a media briefing at State House.
Pensioners are currently receiving $3,675 monthly but will receive $6,000 while public assistance recipients will receive $4,500 instead of $2,470.
“Fifty thousand Guyanese will now benefit from a $1.3B increase that would be given back to them and especially the vulnerable group; people on public assistance and pension,” the Head of State said.
Thirty-five thousand pensioners and 15,000 persons on public assistance will benefit from this increase. In 2000 Government spent $674M and in 2008 the amount allocated is $3.3B.
“We are spending a huge amount of money on public assistance and pension. In fact between 2005 and 2008…pensions and public assistance will go from 968M to 3.33B,” the President said.
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CWC, Rio Summit among major 2007 highlights
Georgetown, GINA, January 5, 2008
Guyana in 2007 recorded many significant achievements which were lauded at several levels. These include the hosting of Cricket World Cup 2007, the Rio Summit, and the Commonwealth Finance Ministers Meeting among others. These activities were touted as some of the highlights of 2007 by His Excellency President Bharrat Jagdeo during a media conference held earlier today at State House.
In outlining some of the major highlights of 2007, President Jagdeo noted that the Tribunal award delineating Guyana’s borders said that the settlement augurs well for the future and opens huge opportunities for Guyana and Suriname.
“This award has given us the opportunity to move forward in a significant way with the exploration of our hydro-carbon resources which we believe to be significant in the offshore area that was formerly disputed and more importantly it has settled an age old issue between Guyana and Suriname,” the Head of State noted. The United Nations Tribunal handed down its award on September 20, 2007.
On the hosting of the CWC the President said this represented a truly national effort and expressed pride that everyone was able to work together and exceed all expectations.
The United Nations adoption of the New Global Human Order (NGHO) on December 22 was also one of the highlights of last year. A NGHO was first proposed by the late President Dr. Cheddi Jagan.
Meanwhile, on the domestic front, the President pointed out that Guyana’s economy recorded a five percent growth which shows a recovery trend. He noted that the fiscal deficit has been reduced significantly from US $1B to US $700M. This reduction ensures that Guyana does not spend as much on servicing a huge debt burden.
The President said he was very pleased with the acceleration of Amerindian land issues in 2007 which was the best in six years.
“Nine communities received absolute land grants while 10 more completed demarcations. In addition the process for addressing the claims and demarcations of more than 20 communities have commenced so we have now caught up with the backlog in the demarcation and this will result in a very important policy of this Government. It would give the desired results and it is something very substantial that is to ensure that our indigenous people have titles to their land so that they can continue with the work that they have done for centuries being custodian of the land and the forest in these areas.”
The National Toshaos Council also met and elected three members to the Indigenous Peoples Commission which will be established shortly.
Additionally, 3,000 birth certificates for Amerindians were completed last year bringing the total number given out to this group in the last three years to 12,000.
“This is so critical a document because it basically gives you an attachment to this land and there are many people today who not because of any fault of theirs, but because the government service does not exist in these areas or the distances of the communities in which they live prevent them from accessing that they are now going to have access to their birth certificate,” the Head of State noted.
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Guyana Football Federation (GFF) begins preparations for World Cup 2010
Georgetown, GINA, January 5, 2008
Government recognizes the football potential that exists locally and will ensure more is done to enhance the sport, Minister of Culture, Youth and Sport Dr. Frank Anthony said at the launching of the Guyana Football Federation (GFF) - World Cup 2010 Committee at the Umana Yana today.
Guyana would be included among 32 teams in the quest in South Africa. The main intention of today’s launching, is to mobilize the requisite resources for the campaign in order that players are prepared for the 2010 games, Minister Anthony said.
Guyana’s Golden Jaguar has done well and it is because of its sustained track record that it will get to the World Cup 2010 Minister Anthony said.
Minister Anthony said President Bharrat Jadgeo has consented to be the patron of the committee and therefore, it is expected that it would be transparent and accountable with high moral and ethical standards.
Vice President of FIFA Austin Jack Warner, in his address at the gathering said it is a red flag day in Guyana since it is a significant achievement for this country.
He added that not only will this opportunity provide international recognition but encourage youths to engage in more meaningful activities.
Warner suggested that the Government work towards improving players’ standards by opening more football fields for prospective players.
Jamaal Shabbaaz, Technical Director of the GFF said football will bring Guyanese closer especially with their neighbours and advised that more overseas Guyanese football players get onboard and give their support.
It is a serious challenge that the government is willing to participate in and therefore convincing persons to get onboard would mean that the needs of multiple stakeholders are met, Minister Anthony said.
He urged the Golden Jaguar team members to continue inspiring the nation and to become role models for youths.
Already onboard in supporting the preparations are Digicel and Caribbean Airlines.
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