The Change Guyana political party on Tuesday proposed a steep reduction or elimination of a range of taxes as a way of reducing poverty and stimulating private sector-led development.
The party is promising to make the first GYD$100,000 of salaries free from income tax in 2020, in view of its calculation that a household cost of living is GYD$120,000 per month. “The effective increase in income will allow for increased access to goods and serviced for the working class
Accusing government of extorting Guyanese by imposing a total of between 84 percent and 247 percent duties and taxes on imported vehicles, Change Guyana said the working class cannot afford recently made vehicles with modern technology. Change Guyana’s prime ministerial candidate, Nigel Hinds says his political party plans to reduce those taxes.
For vehicles under four years of manufacture, Change Guyana plans to implement an overall 50% tax (instead of the current 82% overall tax, comprising 45% duty, 10 excise, and 14% VAT) on vehicles between 1500cc to 2000cc; 75% tax (instead of the current 247% overall tax, comprising 45% duty, 110 excise, and 14% VAT) on vehicles between 2000cc to 3000cc; and 100% tax (instead of the current 297% overall tax, comprising 45% duty, 140 Excise, and 14% VAT) on vehicles over 3000cc.