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Daily Archives: August 10, 2015

Government loses $1.3 billion in quest to make NIS contributions non-taxable

by Zena Henry Minister of Finance Winston Jordan has proposed an amendment to the Income Tax Act Cap. 81:01 to do away with taxes placed on National Insurance Scheme (NIS) contributions. The Minister in his Budget speech said that the amendment seeks to insert after Section 16(b): “(i) National Insurance contributions by employees.” Jordan highlighted that with this amendment, “workers ...

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GUY$300 million to restore Georgetown

by Zena Henry With GUY$500 million being plugged into the restoration of the nation’s capital by the PPP last year, the new government is injecting another $300million to boast the looks of Georgetown. This came from Finance Minister Winston Jordan’s 2015 budget, Monday August 10. He said, “As proud Guyanese, we need to restore Georgetownto its pristine state. This will ...

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Old age pension grow by almost $4,000, public assistance $600

by Zena Henry The government has increased old age pension by $4000, while public assistance has grown by $600. This revelation came during the 2015 Budget speech. He said that, From September 1, every pensioner will benefit equally from a monthly pension of $17,000, a 30 percent increase on the present amount of $13,125. “Every pensioner, whether he resides in ...

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Reduced Berbice Bridge toll announced

by Zena Henry By September 1, 2015, government will reduce the Berbice Bridge toll for passenger cars and buses from $2,200 to $1,900, while other types of vehicles will be reduced by 10 percent. This is according to Finance Minister Winston Jordan who presented the 2015 Financial Statement, 2015. The new government promised this reduction and stated the reductions. “With ...

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Categories named for receiving free govt laptops

Finance Minister, Winston Jordan, on Monday revealed that government will expend $1.7 billion to pay for 9,609 laptops which it has decided will be disseminated to “educators, students, institutions of learning and community-based organisations.” The laptops were ordered by the former administration under the One Laptop per Family Project (OLPF) and were to be the last to be disseminated. He ...

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Billions set aside for roads, bridges

Government plans to spend $13 billion for the construction and rehabilitation of roads and bridges across Guyana.  This is according to Finance Minister Winston Jordon, who made the revelation during his presentation of Budget 2015 on Monday.  “…in 2015, the sum of $13 billion has been allocated for the enhancing of roads and bridges throughout Guyana,” he said.  $1.6 billion ...

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Broken system forces delay in VAT reduction, “unlawful” $55b in tax exemptions and concessions “used to favour and reward friends”-Finance Minister

by Zena Henry Minister of Finance Winston Jordan has stated that government upon assuming office inherited a “broken” tax system an must first fix it before they can implement Value Added Tax (VAT) reduction, but he has increased the list of zero-rated items that would cost the treasury GUY$680 million. The Minister however proposed an amendment to the Value Added ...

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Substantial wage hike for govt employees, sweeper-cleaners earnings announced

The government has made good on its salary increase promise, boasting that it has upped public servant pay more than initially proposed. According to Minister Jordan during his 2015 budget speech, public servants increases had risen from 6.0 percent to 26.4 percent. He announced that as part of the “moderate increases” in salaries, effective July1, 2015 an increase in the ...

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Amaila Falls Hydropower too expensive

Proceeding with the construction of the almost US$1 billion Amaila Falls Hydropower Station would be “downright criminal” because of the financial burden on the Guyana Power and Light (GPL) and the Treasury, Finance Minister Winston Jordan said. He said in his 2015 National Budget presentation said under the current financial formula, GPL would be required to pay GUY$130 million to ...

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Govt provides GUY$8.2 billion dollar bailout to GuySuco

by Zena Henry The Guyana government has decided to allocate an additional GUY$8.2 billion to bail out the sickened Guyana Sugar Corporation for the remainder of the year, Finance Minister Winston Jordan announced. Delivering the 2015 National Budget to the National Assembly, he noted that government has already disbursed GUY$3.8 billion to the industry. He gave no indication that government ...

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