The government presented a $192.8 B Budget, a package that was anxiously awaited by all, yesterday. That was presented under the theme “Remaining on course, United in purpose, Prosperity for all.”Finance Minister Dr. Ashni Singh announced projections, earnings, and adjustments to wages and salaries by way of a hiking of the income tax threshold. His presentation took almost three hours. The income tax threshold has been increased from $40,000 to $50,000 per month.The Finance Minister Dr. Ashni Singh also announced that the monies payable to old age pensioners will also be increased by $600 for some 42,000.This means that the $7,500 old age pension previously received has now been increased to $8,100.He also announced that the Public Assistance programme which was some $5,500 per month has been increased by $400 to $5,Cheap NFL Jerseys,900.The Minister did point out that there will be no new taxes to assist in funding the $192.8B budget but stated that the VAT and excise taxes collected almost 50 per cent of the total revenue for Central Government.Central Government revenue in 2011 amounted to $120.9B,Wholesale Jerseys China, according to Dr. Singh, which is a 12.1 per cent increase over 2010 which he attributed to enhanced collections among both tax and non-tax categories.Tax revenue collections accounted for 92.1 per cent or $111.4B of total revenue collections, an increase of $10.5B while non-tax collections increased by 37.5 per cent to $9.5BVAT and excise tax collections, according to Dr. Ashni Singh, increased by 9.7 per cent to $53B, as “VAT on imports of goods recorded (net of refunds) an increase of $3.1B or 21 per cent above 2010, consistent with the higher level of imports as the mining, agricultural and telecommunication sectors increased their demand for several commodities.”He said that the VAT on domestic supply of goods amounted to $13.1B or 7.7 per cent above 2010.Speaking to measures that will be taken to support the sugar industry which has been plagued and replete with problems Dr. Singh announced a $6B transfer from Central Government, something that the Opposition immediately condemned as a bail out for the Guyana Sugar Corporation.According to Dr. Singh, in an address to the National Assembly that was televised live by the State-owned television station and radio, “much is known and has already been said about both the importance of the sugar industry to national life, and about the challenges being confronted by the industry.”Dr. Singh warned that the government will spare no effort to ensure that the sugar industry is transformed to a viable and competitive one and to that end announced that while significant resources have already been injected by Government into the industry to enable it to recapitalise, and expand into value added products. Some $4B more will be provided this year, he added.He said that this subsidy is “in order to ensure that the sugar industry is financially able to meet its operating and investment requirements.”The Finance Minister told the nation that the local sugar industry has the potential to reach some 400,000 tonnes of sugar in the medium term.He said that production for 2011 grew by 7.1 per cent to some 236,506 tonnes. While the first crop production of 106,871 tonnes was 30.5 per cent above the corresponding performance in 2010, the second crop contracted by 6.7 per cent to 129,635 tonnes, reflecting unhelpful weather and industrial relations conditions.He did say that output in the sugar industry continues to lag the production trajectory anticipated by the industry’s long term business plans and industry finances are being adversely affected.The next recipient of a large bailout/subsidy was Guyana Power and Light Company.The Finance Minister told the House that electricity tariffs were last adjusted in December 2007, when heavy and light fuel oils were relatively cheaper than the current and projected prices.He said that during the trying times as it relates to oil purchases GPL had to fund the escalated costs without any adjustment to their tariffs.“Recognising the importance of cushioning as far as possible the impact of imported oil price movements on domestic consumers, Budget 2012 includes a transfer of $6B from the Central Government to GPL.”Even as he announced what would be more than welcome news for the Power company,Discount NFL Jerseys, the fate of Lindeners will be much different.According to Dr. Singh since the privatisation of the bauxite operations in Linden and the Berbice River, Government has been subsidising electricity rates in these communities.“Currently, in Linden, electricity costs between $5 and $15 per kWh, while on the GPL grid customers pay an average of $64 per kWh.”He said that the total cost of this electricity subsidy was $2.9B last year, the equivalent of 10