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AFTER much anticipation, Budget 2013 was presented in the National Assembly yesterday by Finance Minister Dr. Ashni Singh, and was lauded for its all-embracing initiatives. In an interview with the Guyana Chronicle, Prime Minster Samuel Hinds said that the budget demonstrates that a great amount of thought had been put into it to determine the next steps that should be taken in a range of areas.
“Development is not just a matter of one year, it’s a matter of maybe a number of decades, and every year we build on the year before, and from time to time we introduce some new things and I think that this budget certainly fits into my expectations,” he asserted.
According to Government Chief Whip Gail Teixeira, Budget 2013 is a good one in that it gives a clear idea of where Guyana has been going and where it intends to go.
She noted that Guyana has, for seven consecutive years, recorded an economic growth rate which Guyanese should be proud of.
“Because of that very factor of having good economic growth rate and prudent management and so on, we can now have money to do a range of things we talked about for a while, to do with property tax, to do with income tax, to do with old age pension, and electricity,” she said.
Teixeira highlighted that the budget also deals with social measures, noting that Guyana has gone in a direction that constantly addresses the issue of those who are poor and vulnerable.
She added that concessions were also given to the private sector by reducing a range of taxes, which she said would encourage expansion by people in the business sector.
Meanwhile, Minister of Housing and Water and acting Minister of Tourism, Industry and Commerce, Irfaan Ali, pointed out that the budget has brought tremendous opportunities for young people, especially young professionals.
At the same time, he noted that not only is there an increase for old age pensioners, but there is an electricity subsidy that will be added to the already existing water subsidy.
He said that this budget seeks to consolidate gains in the economy and further cushion and safeguard vulnerable groups.
The minister added that significant resources have been allocated to continue the expansion of the housing, construction and agriculture sectors, noting that there is also an element of a safeguard mechanism to ensure that the sugar industry is subsidised and continues to move forward.
He further emphasised that Budget 2013 includes a subsidy that will see an effect of no increase of GPL rates, although fuel prices continue to rise.
In addition, he mentioned that the reduction of the income tax threshold from 33 percent to 30 percent is also a tremendous incentive.
Ali noted that while the National Insurance Scheme rate has been increased by one percent, this will not affect the vulnerable people, since the government is going to subsidise the cost for the first $50,000.
“This is just an amazing budget…that will create a lot of opportunity for people, this is a budget that will safeguard the vulnerable, this is a budget that will really take Guyana forward. I think we’ve had a tremendously good budget and I want to thank the Minister of Finance and his hard working staff for putting together what I would say is a very proactive budget,” he stated.
He further related that the private sector stands to benefit immensely from this budget, which “cuts across all the different segments in society”.
The minister explained that the net effect of this budget is that it puts more money in the pockets of people, giving them greater opportunity to spend, which would pump more resources into the economy contributing to economic growth and advancement
Minister of Health Dr. Bheri Ramsaran, also in an interview with this publication, stated that this year’s budget is “another pro-poor budget”.
“Very interesting is the tax structures, and the reduction in taxes…thousands more Guyanese will not be paying taxes, either on income tax or property taxes, and the shifts have been drastic,” he further stated.
The minister noted that there will be continued progress in the health and social sectors, noting that the finance minister had pointed out that several hundreds of doctors will be returning and that the ministry is being financed to absorb them across the country.
“More monies are being given this year, last year we had nine or ten percent of the budget, this year it’s just about the same, but in absolute terms, more money. So this is a budget which is based on the social sector: housing, water, health, education and that’s what I find attractive about it,” he emphasised.
Minister of Public Works Robeson Benn, while acknowledging that the budget was prepared in difficult circumstances, said that it is nevertheless a good one overall.
He explained that the circumstances are difficult as it relates to the international environment for the country and the funds which will be available.
For instance, he stated, in terms of infrastructure work, rising prices of oil and other inputs and materials that go into the construction of buildings, roads, etc. still pose a challenge.
However, he stressed that overall it is a “win-win budget, particularly for smaller people…new homeowners, new home start-ups and also for middle and low income earners.”
Meanwhile, according to Minister of Agriculture Dr. Leslie Ramsammy, Budget 2013 is “a people’s budget” as there is something in it for everyone.
“Budget 2013 in many ways exceeded people’s expectations, particularly the elderly, with an increase in pension, a subsidy for electricity, and every citizen who pays an income tax has seen a little bit of reduction in the taxes,” he stated.
The minister highlighted that the capital budget has allocated enough money for infrastructural development, and that the Guyana Power and Light continues to develop and, with the almost $12B subsidy, will see a further improvement of electricity service.
In addition, he pointed out that the Guyana Sugar Corporation is also being supported in order to overcome some of its challenges.
“This is a people’s budget, if ever there was one,” he stated.
Government Member of Parliament (MP) and President of the Guyana Agricultural and General Workers Union, Komal Chand, said that Budget 2013 is “probably one of the best budgets I have ever heard since the PPP took government.”
He emphasised that a lot of measures have been taken in this budget to help the people at the bottom.
“This is always my concern…how we give more to the people at the bottom, and this is clearly established in this budget,” he said.
He also pointed to the adjustment in the income tax threshold, even after last year’s adjustment, and the relief to the pensioners, as it related to the new subsidy on their electricity bills.
“Development is not just a matter of one year, it’s a matter of maybe a number of decades, and every year we build on the year before, and from time to time we introduce some new things and I think that this budget certainly fits into my expectations,” he asserted.
According to Government Chief Whip Gail Teixeira, Budget 2013 is a good one in that it gives a clear idea of where Guyana has been going and where it intends to go.
She noted that Guyana has, for seven consecutive years, recorded an economic growth rate which Guyanese should be proud of.
“Because of that very factor of having good economic growth rate and prudent management and so on, we can now have money to do a range of things we talked about for a while, to do with property tax, to do with income tax, to do with old age pension, and electricity,” she said.
Teixeira highlighted that the budget also deals with social measures, noting that Guyana has gone in a direction that constantly addresses the issue of those who are poor and vulnerable.
She added that concessions were also given to the private sector by reducing a range of taxes, which she said would encourage expansion by people in the business sector.
Meanwhile, Minister of Housing and Water and acting Minister of Tourism, Industry and Commerce, Irfaan Ali, pointed out that the budget has brought tremendous opportunities for young people, especially young professionals.
At the same time, he noted that not only is there an increase for old age pensioners, but there is an electricity subsidy that will be added to the already existing water subsidy.
He said that this budget seeks to consolidate gains in the economy and further cushion and safeguard vulnerable groups.
The minister added that significant resources have been allocated to continue the expansion of the housing, construction and agriculture sectors, noting that there is also an element of a safeguard mechanism to ensure that the sugar industry is subsidised and continues to move forward.
He further emphasised that Budget 2013 includes a subsidy that will see an effect of no increase of GPL rates, although fuel prices continue to rise.
In addition, he mentioned that the reduction of the income tax threshold from 33 percent to 30 percent is also a tremendous incentive.
Ali noted that while the National Insurance Scheme rate has been increased by one percent, this will not affect the vulnerable people, since the government is going to subsidise the cost for the first $50,000.
“This is just an amazing budget…that will create a lot of opportunity for people, this is a budget that will safeguard the vulnerable, this is a budget that will really take Guyana forward. I think we’ve had a tremendously good budget and I want to thank the Minister of Finance and his hard working staff for putting together what I would say is a very proactive budget,” he stated.
He further related that the private sector stands to benefit immensely from this budget, which “cuts across all the different segments in society”.
The minister explained that the net effect of this budget is that it puts more money in the pockets of people, giving them greater opportunity to spend, which would pump more resources into the economy contributing to economic growth and advancement
Minister of Health Dr. Bheri Ramsaran, also in an interview with this publication, stated that this year’s budget is “another pro-poor budget”.
“Very interesting is the tax structures, and the reduction in taxes…thousands more Guyanese will not be paying taxes, either on income tax or property taxes, and the shifts have been drastic,” he further stated.
The minister noted that there will be continued progress in the health and social sectors, noting that the finance minister had pointed out that several hundreds of doctors will be returning and that the ministry is being financed to absorb them across the country.
“More monies are being given this year, last year we had nine or ten percent of the budget, this year it’s just about the same, but in absolute terms, more money. So this is a budget which is based on the social sector: housing, water, health, education and that’s what I find attractive about it,” he emphasised.
Minister of Public Works Robeson Benn, while acknowledging that the budget was prepared in difficult circumstances, said that it is nevertheless a good one overall.
He explained that the circumstances are difficult as it relates to the international environment for the country and the funds which will be available.
For instance, he stated, in terms of infrastructure work, rising prices of oil and other inputs and materials that go into the construction of buildings, roads, etc. still pose a challenge.
However, he stressed that overall it is a “win-win budget, particularly for smaller people…new homeowners, new home start-ups and also for middle and low income earners.”
Meanwhile, according to Minister of Agriculture Dr. Leslie Ramsammy, Budget 2013 is “a people’s budget” as there is something in it for everyone.
“Budget 2013 in many ways exceeded people’s expectations, particularly the elderly, with an increase in pension, a subsidy for electricity, and every citizen who pays an income tax has seen a little bit of reduction in the taxes,” he stated.
The minister highlighted that the capital budget has allocated enough money for infrastructural development, and that the Guyana Power and Light continues to develop and, with the almost $12B subsidy, will see a further improvement of electricity service.
In addition, he pointed out that the Guyana Sugar Corporation is also being supported in order to overcome some of its challenges.
“This is a people’s budget, if ever there was one,” he stated.
Government Member of Parliament (MP) and President of the Guyana Agricultural and General Workers Union, Komal Chand, said that Budget 2013 is “probably one of the best budgets I have ever heard since the PPP took government.”
He emphasised that a lot of measures have been taken in this budget to help the people at the bottom.
“This is always my concern…how we give more to the people at the bottom, and this is clearly established in this budget,” he said.
He also pointed to the adjustment in the income tax threshold, even after last year’s adjustment, and the relief to the pensioners, as it related to the new subsidy on their electricity bills.
