Analysis and News

Guyana total current revenue grew by 21.2% for H1 2021

BY GEOCAP's Contributor: Richard Bhainie

The growth in total current revenue for the first half of 2021 is mainly due to a 20.8 percent increase in the collection of tax revenues stemming from higher receipts of Value Added Tax and excise taxes, trade taxes, income taxes and other tax revenues. Guyana’s total current revenue grew by 21.2 percent to 135,115 million GYD for the first half of 2021.

 

This is according to Bank of Guyana, the country’s central bank, as published in their Half Year 2021 Report, which also stated that non-tax revenues also rose by 29.5 percent to $6,108 million for the reported period.

 

Income tax revenues increased by 17.3 percent to $59,383 million. Personal income taxes and withholding taxes expanded by 23.0 percent and 16.8 percent to $20,637 million and $16,389 million, respectively.

 

Private corporation taxes rose by 28.2 percent to $21,865 million while public corporation taxes fell by 36.3 percent to $493 million.

 

VAT and excise taxes increased by 21.5 percent to $50,113 million. Excise taxes and VAT collection rose by 50.3 percent and 4.8 percent, respectively, to $22,743 million and $27,370 million, respectively.

 

Trade taxes increased by 26.8 percent to $11,455 million, mainly on account of higher import duties and travel taxes. Import rose by 28.6 percent to $10,753 million and travel taxes rose by 5.1 percent to $694 million while export duties declined by 36.2 percent to GY$8 million.

 

The report highlights that other taxable current revenues also expanded by 37.4 percent to GY$8,057 million. This was due to increases in property taxes, other (professional fees, surtax, etc.), other customs duties, environmental levy and vehicle licensing by 56.6 percent, 51.1 percent, 46.1 percent, 17.7 percent and 8.2 percent, respectively.

 

Non-tax revenue growth, which grew by 29.5 percent to GY$6,108 million, is credited to mainly higher revenues from fees, fines & charges, other private sector revenues and transfers from Bank of Guyana.

 

The Bank reported that fees, fines and charges and transfers from Bank of Guyana rose to GY$737 million, GY$2,076 million and GY$2,450 million, respectively. However, rents & royalties declined to GY$545 million.


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