The budget into next year’s $300.7B budget opens today with several speakers including Ministers, Dominic Gaskin, Dr Roopnaraine and Opposition, MP, Irfaan Ali slated to speak.
Other Members of Parliament listed to speak today include: Minister within the Ministry of Communities, Valerie Yearwood; Minister within the Ministry of Indigenous Peoples Affairs, Valerie Garrido-Lowe; Audwin Rutherford; Joe Hamilton; Neil Kumar; Jennifer Westford and Yvonne Person.

Fresh after being charged with 19 counts of fraudulent disposal of State lands, Ali PPP frontbencher is expected to open the debates for the opposition and will be followed by Minister, Gaskin. Ali is on record saying that by the end 2018, the balance of payment deficit is projected to increase by US$127M or 239 per cent to US$180M, when compared to 2017.

Ali in his comments on the budget thus far spoke about what he called “tanking foreign exchange reserve” and his contentions that by the end 2018, the balance of payment deficit is projected to increase by US$127M or 239 per cent to US$180M, when compared to 2017. He also spoke about current account deficit projected to increase by US$228M or 97 per cent to US$463M. To finance this deficit, he claims US$104M will be sourced from the Bank of Guyana Net Foreign Reserve.

Gaskin for his part has expressed satisfaction with the $2.61B allocated to his ministry even as he relayed his confidence that Budget 2019 would mostly benefit the younger, middle-income population.

The figure allocated to the ministry represents a 19 per cent increase over the 2018 figure and forms part of the total $300.7 B budget. Gaskin labelled the 2019 budget estimate as “progressive, responsible and one that showcases government’s commitment to improving the lives of all Guyanese”. “The reality is that all of the initiatives and programmes put forward by the various ministries are important and are geared towards the development of our country, but I don’t believe at any point we can satisfy everyone. What I can assure you is that the Ministry of Business will make optimal use of the allocated funds in a way that will ultimately benefit the Guyanese people,” he stressed.

One of the areas the Minister of Business was intent on highlighting included the increase of the income tax threshold to $65,000 which he said would have its greatest impact on persons on the lower end of the salary scale. “It will translate to more disposable income in the hands of all taxpayers,” he emphasised. On his list of approval too was the raising of the threshold for filing Property Tax Returns, along with the reduced rates, whereby fewer persons will now be required to file returns.

These changes are which he pinpointed would mostly benefit younger, middle-income persons by removing what he said has always been a burdensome requirement. Having responsibility for tourism as well, Gaskin also expressed his pleasure at seeing the decision to give the Upper Demerara-Berbice Region special consideration for tax credits for profits and investments in tourism. The region now joins the Barima-Waini; Cuyuni-Mazaruni; Potaro-Siparuni and Upper Takutu-Upper Essequibo which are already benefitting from these incentives. In addition, in a release to the media on Tuesday, the business ministry noted that the historic budget will also allow exporters to the CARICOM area to benefit from allowances. These were previously granted only to extra-regional exports. Meanwhile, it contains initiatives for companies utilising green technology as well as reduced taxes for small businesses and manufacturers.