GRA says will remove tax on imported fuel with immediate effect

Shortly after Vice President Dr. Bharrat Jagdeo announced that the government removed all excise tax on gasoline and diesel on Wednesday, the Guyana Revenue Authority (GRA) said all fuel imported will be subject to the revised rates with immediate effect.

The GRA in a notice to all importers and licensed Customhouse Brokers said it intends to move immediately to enforce the government’s decision for excise tax rates on gasoline and diesel to be reduced from 10% to 0%.

The revenue authority also reminded that the rates were reduced from 20% to 10% in the 2022 budget and are now being further reduced to cushion the global increases in fuel prices.

The GRA, the Guyana Energy Agency (GEA) and the Office of the Prime Minister are responsible for ensuring gas stations comply with the announcement and reduce prices.

Natural Resources Minister Vickram Bharrat immediately responded to the announcement and said the Guyana Oil Company (GuyOil) will move swiftly to reduce prices at the pump in keeping with this announcement.

When contacted by the News Room, GuyOil’s Public Relations Department could not advise on a timeline.

The Guyana Oil and Gas Chamber (GOGEC) issued a statement and commended the government on the announcement.

“This action would help to cushion the impact of the rising cost of fuel at the pump and will benefit all Guyanese especially the poor and vulnerable.

“GOGEC urges the relevant agencies to ensure that this reduction is passed on to the public,” the statement noted.

Russia’s invasion of Ukraine and international oil prices have resulted in a recent significant increase in oil prices.