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Daily Archives: November 27, 2017

2018 National Budget “disastrous”; tax amnesty smacks of a deal- Jagdeo

Opposition Leader, Bharrat Jagdeo Monday slammed Finance Minister, Winston Jordan’s budget as “disastrous”, saying it failed miserably to keep several of the David Granger-led coalition government’s promises. Jagdeo questioned the sincerity of government to grant amnesty to companies and individuals that have not submitted tax returns which would result in a waiver of the interest rates. “Why now? Why this ...

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Tax return amnesty for companies, individuals; small businesses to get provisional licences

Companies and individuals have been granted an amnesty to file outstanding tax returns, but if they file bogus returns they will be penalized, Finance Minister Winston Jordan announced. “Taxpayers who expect to benefit from this amnesty must file true and correct returns. Those found to be in violation will be subject to an audit and the attendant penalties and interest ...

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VAT on education scrapped; tributors tax on miners slashed by 50 percent

The 14 percent Value Added Tax (VAT) on all education services has been scrapped, Finance Minister Winston Jordan announced. He said, in the 2018 Budget Speech, that the decision was taken “in view of the representations” made to have the tax removed. Jordan said government would lose GY$342 million now that the tax has been abolished. At the same time, ...

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Teachers in outlying areas to get increased incentive

Teachers working in far-flung areas of Guyana will get an 80 percent increase in remote area incentives aimed at cushioning the impact of high cost of living in those regions, Finance Minister Winston Jordan said. He noted that even if education infrastructure is increased and improved, the bottom-line is ensuring the availability of good teachers is vital. In an effort ...

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GRA targeting more fuel smuggling locations

The Guyana Revenue Authority (GRA) will next year be establishing more outposts to collect more taxes on smuggled fuel, Finance Minister Winston Jordan announced Monday. He said during 2017, an outpost was established at Morawhanna, North West District, resulting in “reduced revenue leakage due to fuel smuggling”. Jordan said during 2018, two more outposts would be established at Mabaruma and ...

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Countrywide ‘rates and taxes’ may increase next year

Finance Minister, Winston Jordan on Monday signaled that rates and taxes in towns and villages countrywide will possibly increase next year so that councils can get sufficient cash to deliver quality services. He made the announcement in his 2018 National Budget speech, saying that the holding of Local Government Elections periodically was not sufficient. He noted that “outdated land values ...

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Guyana’s sugar production slumps again

Sugar production by the ailing state-owned Guyana Sugar Corporation is expected to further decline this year, partly due to ongoing industrial unrest, Finance Minister, Winston Jordan announced. Delivering the 2018 National Budget under the theme “The Journey To the Good Life Continues”, he said production of the sweetener is expected to fall to 152,000 tons, a 17.2 percent decline over ...

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