Georgetown : Saturated with suggestions of “sustaining, maintaining and upgrading” the 2012 Budget, which was anxiously awaited by all was today announced revealing a value of $192.8B representing the largest budget yet to be presented by Minister of Finance, Dr. Ashni Singh. The grant budget was presented under the theme “remaining on course, united in purpose, prosperity for all.”
Following the budget presentation many were still left digesting the almost four hour long presentation replete with figures with one of the primary sticking points being that of the increased income tax threshold from $40,000 to $50,000 per month. The Finance Minister also announced that the monies payable to old age pensioners will also be increased by $600 for some 42,000 individuals. This means that the $7,500 old age pension previously received has now been increased to $8,100.
He also announced that the Public Assistance programme which was some 5,500 per month has been increased by $400 to 5,900. The Minister did point out that there will be no new taxes to assist in funding the $192.8B budget but stated that the VAT and excise taxes collected to almost 50 per cent of the total revenue for Central Government.
Central Government revenue in 2011 amounted to $120.9B according to Dr Singh which is a 12.1 per cent increase over 2010 which he attributed to enhanced collections among both tax and non-tax categories.
Tax revenue collections accounted for 92.1 per cent or $111.4B of total revenue collections, an increase of $10.5B while non-tax collections increased by 37.5 per cent to $9.5B.
VAT and excise tax collections, according to the Finance Minister, increased by 9.7 per cent to $53B, as “VAT on imports of goods recorded (net of refunds) an increase of $3.1B or 21 per cent above 2010, consistent with the higher level of imports as the mining, agricultural and telecommunication sectors increased their demand for several commodities.” He said that the VAT on domestic supply of goods amounted to $13.1B or 7.7 per cent above 2010.
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