GRA sees decline in personal income taxes, growth in corporate taxes collected

The Central Government recorded a deficit of $308.9 billion or 5.5 percent of GDP, in 2025, according to Budget 2026, which was presented on Monday by Finance Minister Dr Ashni Singh.

Total current revenue, net of inflows from the Guyana REDD+ Investment Fund (GRIF), the Natural Resource Fund (NRF), and Carbon Credits, amounted to $459.3 billion, an increase of 5 percent over 2024.

Tax revenue collections from the Guyana Revenue Authority (GRA) amounted to $435.2 billion, while non-tax revenue totalled $24.1 billion

Within the GRA, internal revenue collections amounted to $253.6 billion. Withholding and personal income taxes together declined by $36.7 billion or 23.6 percent. Personal income tax collections were lower due to the series of measures implemented to increase disposable income. At the same time, private sector corporation taxes grew by $20 billion or 24 percent.

Customs and trade taxes amounted to $51.4 billion, 27.3 percent above 2024. Furthermore, value-added and excise tax collections amounted to $130.2 billion, 15.5 percent above 2024. Value-added tax (VAT) on imported goods and services grew by 26.3 percent to $38.8 billion. This more than offset the $2.9 billion decline in VAT on domestic supply of goods, which fell to $46.5 billion. Excise tax collections amounted to $44.8 billion, an increase of 37.7 percent above 2024.

According to Dr Singh, these developments reflect continued strong growth in business activity across the economy, as well as increased household consumption as a result of rising disposable income.

Meanwhile, non-tax revenue collections increased by $6.6 billion to $24.1 billion. This performance was driven by improved collections of rent, royalties and fees, fines and other charges, as well as higher transfers from Bank of Guyana profits.