Following five days of questions and answers that followed five days of debate, the National Assembly at 02:31 hours on Republic Day unanimously passed the 2016 National Budget.
GINA said yesterday that during the wee hours of Republic Day, Finance Minister Winston Jordan rose to report to the Speaker Dr. Barton Scotland that the estimates of expenditure for the year 2016 were approved as printed.
The Appropriation Bill #1 of 2016 was passed clearing the way for the government to proceed with its programmes following boisterous debates and persistent questioning from the opposition.
Unlike last year when the examination of the estimates was concluded in three days, the estimates for 2016 were examined over a period of five days which started on February 15.
The $230 billion budget includes a $9 billion injection for the beleaguered sugar corporation, $2.5 billion for the state power company as well as a pledge to create 3,000 jobs at Lethem and Belvedere.
The Income Tax Act is to be amended to increase the income tax threshold to $660,000, from $600,000 and the Excise Tax is to be adjusted on car imports.
The Old Age Pension has been increased from $17,000 to $18,200, which is expected to benefit nearly 50,000 pensioners.
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