The $ 383.1 billion budget has NO new taxes and, taken with the reversal of key taxes in the 2020 budget, will once again incentivized the private sector, motivate the general populace and bring relief to the ordinary man. We can see all the results of the hard work in the form of numerous consultations held by the Senior Minister Ashni Singh, with responsibility for finance, and we commend him for his exceptional efforts.
In our consultation meeting with him, one of the major issues we raised was the opening of new lands for cultivation in Berbice and we are gratified to see the all- weather road at No. 58 to the Canje Creek budgeted for. This measure will make accessible approximately 30,000 acres of land and this will open up all kinds of possibilities, from new homesteads, poultry farms, cattle pastures, citrus farms, cash crops and eco- tourism.
We also raised the issue of a new road to the No. 63 Beach, and this is also incorporated in the budget.
We look forward in this new year to see more online services coming on stream at the Guyana Revenue Authority (GRA), including renewal of driver’s license and online payment for taxes and other services.
It is good to see the Party keeping its campaign promise, with each school child to receive $15,000, an increase from last year. This measure alone will put billions of dollars of disposable income directly in the hands of the ordinary man. The reduction of the water tariffs, increased pensions, public assistance, and the removal of VAT on data for residential use will again put millions of dollars in the pockets of the people. To boost the housing drive, there was further zero rating of construction materials and an increase of the loan ceiling of the New Building Society. Together with the above, the removal of VAT on some basic food items will help the ordinary man and bring ease to the hardships faced as a result of the COVID-19 pandemic. We applaud the Government.
Guysuco, a major pillar for Berbice, will continue to recapitalize and rationalize to make the operations profitable to produce employment to thousands of people directly, and many more indirectly.
We would have liked to see an increase in the income tax threshold, but as a whole this kind of budget of reducing the tax burden on the population and incentivizing key productive areas like forestry, the gold mining and other productive sectors, will definitely move our country forward and, in our view, is the key difference between this Government and the last one, where then the increased tax burden and heavy bureaucracy had only served to isolate and demotivate the private sector. Kudos to Senior Minister Ashni Singh and his Government.
END.
Mohamed Raffik
President
Central Corentyne Chamber of Commerce
March 23, 2020
