GGDMA welcomes relief in mining sector from Budget 2018

The Guyana Gold and Diamond Miners Association (GGDMA) on Tuesday lauded the government for heeding their cries and bringing significant relief to the mining sector.

In a press statement, the Association said the measures announced by Minister of Finance Winston Jordan in Budget 2018 are tangible results of meaningful consultations with the government.

“These welcomed changes to the current regime will have tremendous positive impacts in expanding and sustaining the local mining industry, but also the economic well-being of Guyana as a whole,” the Association noted.

Jordan announced that the Tributor’s Tax, which his administration initially increased, to be reduced from 20% to 10%. He also proposed a replacement of the current ―2% of the gross proceeds‖ regime with a sliding scale percentage that is based on the price of gold.

According to the GGDMA, the removal of the “onerous burden” came from meaningful talks with the Finance Minister; the Minister of Natural, Resources Raphael Trotman; and the Commissioner General of the Guyana Revenue Authority (GRA), Godfrey Statia.

In its statement, the Association reminded that the gold and diamond mining sector has kept Guyana’s Economy growing from stride to stride. “We are elated that the government has recognized these valuable contributions and has made sensible considerations based on prudent advice from stakeholders,” it stated.