Press Release – National Budget 2021
The Central Corentyne Chamber of Commerce notes that the $383.1 billion national budget introduces no new taxes and, when combined with the reversal of key taxes in the 2020 budget, provides meaningful incentives for the private sector, renewed motivation for citizens, and tangible relief for the average Guyanese.
We recognize the extensive consultations led by Senior Minister with responsibility for Finance, Dr. Ashni Singh, and commend him for his exceptional efforts in shaping a responsive and forward-looking budget.
During our consultation, one of the major issues raised was the opening of new agricultural lands in Berbice. We are pleased to see the inclusion of the all-weather road from No. 58 Village to Canje Creek in the budget. This initiative will provide access to approximately 30,000 acres of land, unlocking opportunities for housing development, poultry farming, cattle rearing, citrus cultivation, cash crops, and eco-tourism.
We also raised the need for improved access to the No. 63 Beach area, and we are encouraged to see this project included in the budget.
We look forward to continued improvements in digital services at the Guyana Revenue Authority (GRA), including the renewal of driver’s licences and online payment systems for taxes and other services.
It is commendable that the Government has fulfilled its campaign promise by allocating $15,000 to each school child, representing an increase from the previous year. This measure will inject billions of dollars into households, directly benefiting families. Additional measures, including reduced water tariffs, increased pensions and public assistance, and the removal of VAT on residential data, will further ease financial pressures on citizens.
The zero-rating of construction materials and the increase in the loan ceiling at the New Building Society will support the housing sector, while the removal of VAT on selected basic food items will provide additional relief, particularly in the context of the COVID-19 pandemic.
We also note the continued recapitalization and restructuring of GuySuCo, a vital pillar of the Berbice economy, which will help sustain employment for thousands directly and many more indirectly.
While we would have welcomed an increase in the income tax threshold, the overall direction of this budget—reducing the tax burden and incentivizing key productive sectors such as forestry, gold mining, and agriculture—positions Guyana for growth and development.
We commend Senior Minister Dr. Ashni Singh and the Government for presenting a budget that supports economic expansion and improves the livelihoods of citizens.
End.
Mohamed Raffik
President
Central Corentyne Chamber of Commerce