‘Build it’ -President says special development fund, tax incentives for residents of Reg. 7

President Irfaan Ali Saturday night encouraged residents of Region Seven (Cuyuni-Mazaruni) to begin scouting investment opportunities, which he said the PPP/C will support through tax incentives and a special development fund after it is re-elected to office on September 1.

“We are going to give you tax incentives to invest, build your tourism facilities, hotels, mechanic shops… You build it. We are going to stand with you so you can build it and profit from it,” President Ali told a massive crowd at the PPP/C rally in the mining town of Bartica.

Recognising that the region is also supported by micro and small enterprises, the President said that the next PPP/C government will establish a special development fund to support those businesses.

“We will have a special development fund so you have access to capital and your interest rate will come down,” he said, adding that the PPP/C government will incentivise the financial sector to support lending in the region.

The Head-of-State also used to opportunity to remind residents of the mining region that it was “taxed down to [its] knees” between 2015 and 2020 when the APNU held the seat of government.

Region Seven, which relies heavily on mining to support its local economy, was crippled by punitive tax measures imposed by the APNU+AFC government. These included higher royalty rates, doubling of the tributers tax, and the introduction of value-added tax (VAT) on mining machinery and equipment – all of which resulted in a significant increase in operating costs for businesses.

Taxes were also introduced on hinterland travel, driving up the cost of goods and services in hinterland regions. As a result of those tax measures, thousands of jobs were lost during that period.

“Bartica and Region Seven were in economic decline in just five years,” President Ali said, noting that the development seen across the region over the last five years is nothing compared to what will be experienced in the next five years.

“You ain’t see nothing yet. Watch the next five years. You will see transformation, development and progress like you have never seen before. You will see the involvement of every single Guyanese, every single family, every single community – you will be part of that development,” the President committed.

All of this, he said, could be put at risk if residents do not vote on September 1 for the PPP/C.