President removes tax from imported stones to aid construction industry

President Irfaan Ali earlier this week removed the taxes on the importation of stones with immediate effect until June 30, 2021, in an effort to boost the construction industry in the country.

In exercising the powers conferred to him by section 98 (1) of the Value Added Tax Act, the President stated: “Zero-rated for the purpose of Section 17 is importation of stones of a type and quality used in construction and housing, provided that a Certificate of CARICOM origin is submitted by the importer in accordance with Section 15 of the Customs Act…”

With the reopening of Guyana’s economy in light of COVID-19, the construction sector is expected to boom given the numerous developmental and infrastructural projects being discussed by the new government.

There have been numerous complaints recently about a shortage of stones and the delay in its arrival here.