Business

The Private Sector Commission (PSC) on Tuesday gave a mixed reaction to the 2017 National Budget, saying the reduced Corporation Tax will help stimulate production but adjustments to the Value Added Tax (VAT) amounted to a mockery. With consumers now being asked to pay a 14 percent VAT on water and electricity if their monthly bills are more than GYD$1,500 ...

Although the criteria has not yet been finalised, Finance Minister Winston Jordan announced during his 2017 budget speech that $50M will be placed into a Youth Innovation fund (YIF). “This fund will provide a financing platform to launch exceptionally innovative ideas,” Jordan said in the House, “harnessing the energetic and creative minds of our young people.” Jordan hopes the criteria ...

An incoming Caribbean Airlines Limited (CAL) aircraft Tuesday morning  struck a Fly Jamaica plane that was parked at the Cheddi Jagan International Airport but no one was injured. Director of the Guyana Civil Aviation Authority (GCAA), Retired Col. Egbert Field confirmed that the right wing of the CAL plane knocked the tail cone of the Fly Jamaica aircraft which was ...

Small contractors will now be given Temporary National Insurance Scheme and Income Tax compliance certificates, removing a major stumbling block to them bidding for projects and programmes. “Mr. Speaker, currently bidders for contracts are required to have valid Income Tax and NIS compliance certificates. This has especially hampered small contractors from participating in the procurement process. While these requirements will ...

by Derwayne Wills Government has allocated $9B to assist the Guyana Sugar Corporation although more monies would be needed by the ailing public corporation. “The status quo of the sugar industry can neither be sustained nor maintained,” Finance Minister told the National Assembly during his budget speech. “As currently structured, the industry would require Government’s support to the tune of ...

Personal Income Tax has been reduced from 30 to 28 percent for persons earning less than GYD$180,000 per month and the Income Tax threshold has been increased to GD$60,000 or one-third of the gross salary, whichever is greater. Finance Minister, Winston Jordan said in the 2017 National Budget that an additional 7,600 persons would be taken off the tax register ...

by Derwayne Wills  Guyanese will now have to pay Value Added Tax (VAT) on water and electricity consumption above a certain level, while the overall of Value Added Tax on businesses has been reduced to 14 percent on companies, Finance Minister Winston Jordan announced in the 2017 National Budget. In a move that has left many puzzled, Finance Minister Winston ...

Guyana will next year construct the first solar farm as part of a larger plan to reduce the country’s fossil fuel bill and  prevent carbon emissions. “To complement public sector investment, the Government will be granting a one-off tax holiday of two years for corporation tax to importers of items for wind and solar energy investments, and for investors in ...

Guyana’s economy  will record a 2.6 percent growth  in 2016 due to a decline in some prices and lower growth in several sectors, Finance Minister Winston Jordan announced on Monday. Delivering the 2017 National Budget, he told the House that the economy contracted from a projected 4.4 percent to a mid-year 2 percent and a further overall decline to 2.6 ...

After weeks of disconnected land-line and shaky cellular connection in Mabaruma from Guyana’s only land-line provider, residents of Mabaruma, North West District are breathing a sigh of relief after the community of 300 subscribers was finally reconnected last Sunday. Reports reaching Demerara Waves Online News suggest that residents were left out of the loop for quite some time about what ...