The Georgetown Chamber of Commerce and Industry (GCCI) on September 12, 2018 met with the Honourable Minister of Finance, Winston Jordan to make its submission to the National Budget 2019. The Chamber made recommendations under the general thematic areas of: Agriculture Development; Security Sector Development; Micro, Small and Medium Enterprise (MSME) Development; ECommerce; Taxation, Duties and Charges; Oil and Gas and Measure for improving the Financial Framework.
More specifically, some of the recommendations which were made included: The removal of VAT on pesticides and the removal of duty and VAT for limestone; Upgrading of roadways specifically the roads to access Mining areas as well as Farm-to-Market access roads; The passage of an Electronic Transactions Act to provide a legal framework for conducting e-commerce; The removal of taxes being charged in the tourism and aviation sectors with the intent of promoting tourism (e.g. the removal of VAT on trips to Kaieteur Falls; The creation of a national committee to craft a master plan for infrastructure development of Guyana in preparation for the Oil and Gas economy and bridging rural-urban divide; The review of taxes on select Private Security equipment with a view of reduction in the rate;. The replenishment of Small Business Bureau Grant Financing of $300; The Government providing loan guarantees for small businesses via other commercial banks between 40 to 60 percent; The revision of the role of Post Offices to transform into IT and E-Commerce Hubs; A gradual reduction of the Corporate Income Tax rate, over 10 years to 20 percent; A gradual reduction in Personal Income Tax over 10 years to 20 percent; Amendment to the policy of VAT on water and electricity; Amendment to the policy of VAT on Inputs for Exports; The review VAT on Agriculture and Manufacturing Machinery; Removal of the Common External Tariff (CET) on fuel imports; The passage of Local Content Legislation and adoption of a local content policy to guide the development of local businesses in the Oil and Gas Industry; The need for review and operationalizing the Sovereign Wealth Fund (SWF); A comprehensive review and upgrading of the Financial Legislation in the financial services sector; the provision of incentives for private sector investment in developmental projects.
The team fielded by the GCCI was spearheaded by the President of the Chamber, Mr. Deodat Indar and included representatives from the business community in areas such as Shipping and Logistics, Construction, Tourism, Aviation along with technical staff with competencies in Finance, Economics, Engineering and Project Management. The Minister of Finance remained receptive to suggestions and indicated his satisfaction with the document submitted by the GCCI.