Businesses to get $billions in VAT refunds by yearend

Last Updated on Wednesday, 30 November 2022, 23:47 by Written By Denis Chabrol

President Irfaan Ali on Tuesday announced that businesses will soon get billions of dollars in Value Added Tax (VAT) refunds.

He made the announcement at the 27th annual awards ceremony of the Guyana Manufacturing and Services Association (GMSA). “The Commissioner-General of GRA (Guyana Revenue Authority) has assured me that by the end of this year, they will process every single VAT refund that will total $9 billion dollars that will  be pushed back into the economy,” Dr Ali told business executives, diplomats, ministers and government officials including the GRA chief, Godfrey Statia.

Dr Ali said that so far for 2022, the VAT Tax refund is GY$2.6 billion.

Meanwhile, in apparent reference to a call by outgoing GMSA President Rafeek Khan that government should establish and fund an export promotion similar to those in Barbados, Jamaica, St Lucia, and Trinidad and Tobago, the President said government has been promoting Guyanese products.

The GMSA said such support is needed, although he acknowledged that agricultural products were being promoted overseas by the New Guyana Marketing Corporation.