The Guyana Government projects that it will collect $408.5 billion in taxes for 2024. This is $41.9 billion more than the revenues collected at the end of 2023. Making this disclosure on Monday was Senior Finance Minister, Dr. Ashni Singh during his presentation of the $1.146 Trillion budget.
He said internal revenue collections are expected to rise to $258.1 billion, or 13.3 percent above the level in 2023. As for Customs and Trade Tax collections, he said this will increase by 12.8 percent this year to reach $39.4 billion. Dr. Singh anticipates that in 2024, Excise Tax as well as Value Added Tax (VAT0 collections will increase by 6.9 percent to $110.9 billion.
With respect to non-tax revenues, Minister Singh said this category is set to increase by $3.3 billion.
Turning to the sale of Guyana’s carbon credits, Minister Singh said this will contribute $43.7 billion to Budget 2024, in addition to a $240.1 billion transfer from the Natural Resource Fund (NRF) to the Consolidated Fund this year.
With respect to the Central Government’s overall spending, Minister Singh said this is projected to increase by 39.4 percent in 2024. This is largely as a result of continued expansion of the Public Sector Investment Programme (PSIP) which includes critical projects like such as Gas-to-Energy Project, the Demerara River Bridge, the Wismar Bridge, and the Linden to Mabura Road.
Overall, the PSIP is projected to grow by 57.9 percent this year to $666.2 billion.
