GGDMA welcomes tax concessions, reversal of VAT on mining equipment
See full statement from the Guyana Gold and Diamond Miners Association (GGDMA) on the 2020 National Budget:
The Guyana Gold and Diamond Miners Association (GGDMA) welcomes the relief measures announced by the government on Monday in its emergency budget. Specifically, among the measures which will lend to the development and sustaining of the mining sector are: tax concessions for recapitalization, reversal of Value Added Tax (VAT) on heavy duty equipment/machines, the abrogation of certain unnecessarily burdensome requirements related to the licensing of equipment and the transportation of fuel as well as hinterland infrastructural development.
The GGDMA notes that it had proposed, in its manifesto for mining, the implementation of these and other measures over the years and it is satisfied with the partial fulfilment of the promises made by the new government while it was in opposition last year. The GGDMA believes that the overall measures are exactly what the country needs at this time as they are pro-business and pro-development for the benefit of Guyanese at all levels.
The GGDMA is heartened that despite the fact that the new administration is facing much harsher times amid the Covid-19 global pandemic, a struggling economy and a number of other issues of national importance that are not typically faced by a new administration, the resolve shown through their actions to keep their promises is one that must be recognized and deserves much approbation.
The GGDMA wishes to thank His Excellency Dr. Irfaan Ali for taking the time, despite the numerous tribulations that our country is currently facing, to meet personally with our executive to discuss matters of importance to our sector within the first month of his ascension to the highest office in the land. Through our frank discussions, he has filled us with renewed hope for the future with a collaborative approach that includes meaningful dialogue and consultation. The GGDMA looks forward to working closely with the new Minister, Hon. Vickram Bharrat, on matters relating to the development of the sector. We will continue to lobby for the needs of our industry and look forward to the delivery of other promises as the economic and social situation stabilizes.