Central Govt collects record $437.7B in 2024 revenue

…$112.8B in VAT, increase from imported vehicle duties

The Guyana Government has raked in well over $400 billion in current revenue last year, outside of the money it collected from carbon credits and inflows to the Natural Resources Fund (NRF).
During the reading of the 2025 budget in the National Assembly on Friday, Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, explained that total current revenue for central Government was $437.7 billion in 2024, reflecting a growth of $55.6 billion, or 14.5 per cent more compared to the revenue collection in 2023.
Meanwhile, it was explained by the Minister that tax collection from the Guyana Revenue Authority (GRA) was $420.2 billion, with internal revenue – the revenue from sources such as Customs Duties, Value Added Tax (VAT) and Motor Vehicle Licences – recorded at $267 billion at the end of 2024.
“Private sector corporation tax, withholding tax and personal income taxes, together accounted for $35.7 billion of the growth in this category of revenues. The private sector corporation tax category recorded strong performance with growth of $16.3 billion, driven by increased payments made by companies in the oil and gas sector,” he revealed.

“The growth in withholding tax amounting to $10 billion, was also driven by increased collections from the oil and gas sector, as well as the non-oil private sector, along with increased current and arrear payments,” the Minister said.
Singh also said that customs and trade tax collections amounted to $40.4 billion at the end of 2024, an increase of $5.5 billion or 15.6 per cent more than 2023.
It was explained that there was an increase in the importation of motor vehicles used in the transport of goods, persons and building materials.
This resulted in higher import duties being collected in 2024, with revenue of $4.1 billion recorded.
Another area that showed increased collections was in VAT and excise tax, together amounting to $112.8 billion… $9 billion more than in 2023.
In the case of VAT, increased importation of goods that attracted the standard 14 per cent VAT rate contributed significantly to revenues for domestic supply of goods.
“Domestic supply of goods recorded increased revenues of $6 billion owing to increased payments from the private sector, particularly the wholesale and retail trade, repair of motor vehicles, construction and information and communication sectors,” Dr Singh explained.
“Imports of goods and services contributed to growth of $2.1 billion, or 7.3 per cent due to increased VAT collections from the importation of several standard rated commodities during the review period. Excise tax collections amounted to $32.6 billion, an increase of $818.9 million above the 2023 level.”
Central Government’s non-tax revenue collection, which includes rent, royalties, fees, fines and other charges, meanwhile increased by $2 billion or 12.8 per cent last year to total $17.5 billion. Meanwhile, the Finance Minister also announced that public enterprises collected $199.4 billion, a $22.6 billion or 12.8 per cent increase from 2023.
This, he explained, was more than enough to offset the higher total expenditures of $188.7 billion. Public enterprises had a surplus of $10.6 billion at the end of the year, compared to the just $1.3 billion surplus in 2023.
“Mr Speaker, Central Government’s expenditure totalled $1.2 trillion, of which non-interest expenditure accounted for $500.7 billion, reflecting growth of 35.3 per cent above 2023. This out- turn was due to employment cost of $122.6 billion, driven by the 10 per cent salary increase coupled with approved salary adjustments for public servants across the public service in 2024,” Dr Singh revealed.
“Other goods and services expenditure increased to $169.5 billion largely on account of outlays relating to the cash grant initiative to persons 18 years of age and above. In addition, transfer payments increased to $208.7 billion on account of the increase granted for the Because We Care cash grant programme and for old age pension.”