Better roads and the removal of taxes across a number of sectors are some of the recommendations made by the Georgetown Chamber of Commerce and Industry (GCCI) when it met with the Minister of Finance, Winston Jordan for Budget 2019 consultations.
The Chamber made recommendations under the general thematic areas of: Agriculture Development;
Security Sector Development; Micro, Small and Medium Enterprise (MSME) Development; E-Commerce;
Taxation, Duties and Charges; Oil & Gas and Measure for improving the Financial Framework.
The GCCI delegation was represented by its President, Deodat Indar and included business persons in areas of Shipping and Logistics, Construction, Tourism, Aviation along with technical staff with competencies in Finance, Economics, a statement from the organisation noted.
The Chamber said the Finance Minister was “receptive to the suggestions indicated his satisfaction with the document submitted by the GCCI”.
See below full list of recommendations made by the GCCI:
1. The removal of VAT on pesticides and the removal of duty and VAT for limestone
2. Upgrading of roadways specifically the roads to access Mining areas as well as Farm-to-Market
3. The passage of an Electronic Transactions Act to provide a legal framework for conducting
4. The removal of taxes being charged in the tourism and aviation sectors with the intent of
promoting tourism (e.g. the removal of VAT on trips to Kaieteur Falls
5. The creation of a national committee to craft a master plan for infrastructure development of
Guyana in preparation for the Oil and Gas economy and bridging rural-urban divide
6. The review of taxes on select Private Security equipment with a view of reduction in the rate
7. The replenishment of Small Business Bureau Grant Financing of $300,000
8. The Government providing loan guarantees for small businesses via other commercial banks
between 40 to 60 percent
9. The revision of the role of Post Offices to transform into IT and E-Commerce Hubs
10. A gradual reduction of the Corporate Income Tax rate, over 10 years to 20 percent
11. A gradual reduction in Personal Income Tax over 10 years to 20 percent.
12. Amendment to the policy of VAT on water and electricity.
13. Amendment to the policy of VAT on Inputs for Exports.
14. The review VAT on Agriculture and Manufacturing Machinery.
15. Removal of the Common External Tariff (CET) on fuel imports.
16. The passage of Local Content Legislation and adoption of a local content policy to guide the
development of local businesses in the Oil and Gas Industry
17. The need for review and operationalizing the Sovereign Welath Fund (SWF)
18. A comprehensive review and upgrading of the Financial Legislation in the financial services
19. The provision of incentives for private sector investment in developmental projects