A senior Private Sector Commission official Tuesday night welcomed government’s decision to roll back a number of tax measures, but said the 2018 National Budget was expected to be “non-impactful”. “The budget is immediately non-impactful on the economy but some of the measures that were reversed are very, very good,” PSC executive member, Ramesh Dookhoo told Demerara Waves Online News ...

Government has decided to revise its model Production Sharing Agreement (PSA) with oil companies now that Guyana’s  offshore basin is less risky, and already one oil and gas expert is touting a rate of return model backed up by Guyana’s participation in a state oil company to serve as a watchdog against skulduggery. Attorney-at-Law, Charles Ramson, who this year emerged ...

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 ...

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 ...

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, ...

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 ...

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 ...

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 ...

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 ...

Guyanese authorities seized a semi-submersible vessel believed to be used in the smuggling of large quantities of South American cocaine to other countries. The Guyana Police Force said a 40-year old Venezuelan man and a 40-year old Guyanese who was conducting welding repairs at the time they were found have been arrested. “The vessel is about 25 meters long ,2.7 ...