Private sector lauds govt on VAT changes
Stabroek News
December 1, 2006
The Private Sector Commission (PSC) commended the government in a press release yesterday on its "comprehensive response to the concerns which have been expressed specifically and publicly with regard to the introduction of the Value Added Tax (VAT) and the Excise Tax" come January 1, 2007.
But the PSC voiced the concern that more needs to be done to sensitize the public on VAT and called on the Guyana Revenue Authority to work with the business community to achieve this.
According to the press release, the PSC was particularly pleased that the Finance Minister Dr. Ashni Singh, has responded "directly and positively to many of the comments and concerns which were shared with him at meetings with the Private Sector Commission and other representatives of civil society in his announcement of the amendments to be made to the VAT legislation."
It was noted that the private sector believes that the new conditions announced by the minister for zero-rating and exemptions of certain basic food items will, in large part, address the effect which the introduction of VAT might otherwise have had on increasing the cost of living to consumers.
The PSC said it was pleased that the Finance Minister has now set the stage for continuing productive consultations with the private sector and civil society. However, the PSC is acutely aware that there remains a considerable absence of public knowledge and awareness with regard to the requirements for implementing VAT and urges the GRA to work with the business community to substantially increase the dissemination of information to the public.
The PSC said that it is calling for all members of the business community to get registered now.