Business

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, ...

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 He noted that “outdated land values ...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 ...

Five persons, including several children, were Sunday morning left homeless after a fire widely believed to be of electrical origin destroyed a two-flat house at 31 Gap Road, La Jalousie, West Coast Demerara. The house was owned by Parvati ‘Daro’ Bhagi. Neighbours laid the blame squarely at the feet of the Guyana Power and Light Company (GPL), saying that technicians ...

A taxi driver was shot by carjackers after he was lured by two women to Mocha Road, D’urban Backlands to pick up a man who committed the crimes. Sustaining a gunshot wound to his upper right thigh is 46-year old Phillip King. Police were up to late Saturday night still searching for his silver grey Premio bearing licence number HC ...

A Rose Hall Town businessman was shot and injured by bandits who masked themselves with motorcyclist helmets, sources said. He is 47-year old Bobby Prasad, owner of Bobby’s Boutique. The two perpetrators arrived on a black motorcycle at about 1 PM and ordered the staff to lie on the floor. Two shots were fired in the direction of Prasad who ...