Workshop on tax legislation slated for July 9

Jun 16, 2008 News

A call by President Bharrat Jagdeo for the Privatisation Unit to host a ‘Privatisation and Tax Workshop’ has come to fruition, and is slated for July 9.
This is according to a release from the Ministry of Finance.
Jagdeo made the call on June 5 at the launching of the Guyana Times newspaper.
The workshop will be held in association with the GRA and Go-Invest, and the overall position on tax concessions and the law will be dealt with then.
Jagdeo was at the time referring to a statement by Chairman of Demerara Distillers Limited, Yesu Persaud, who suggested that concessions similar to those granted to Queens Atlantic Investments Inc. (QAII) should be given to other local companies.
Taking Persaud to task, the President pointed out that the company that Persaud heads was also given tax holidays and a grant from the Government for a medical transcription project that failed.
“Mr. Persaud, you are falling right into the trap of the ignorant people who have been saying this over and over again, but we chose not to respond to it because we knew that it would continue,” the Head of State said.
The Head of State said that Persaud is ignorant of the Financial Administration and Audit Act, which was passed some years ago.
“We passed the Financial Administration and Audit Act, and it says that there are two principles under which we are going to give tax holidays. The first has to do with geographic factors…So if you are located in regions where we want investment to go, we are going to give added concessions.
“The second is that we are going to give those concessions also to pioneering industry,” the President said.
The President had revealed that he had asked the Head of the Privatization Unit, Winston Brassington, to host a seminar to explain the tax laws and the privatization policy, within the next month, and to ensure that Mr. Yesu Persaud is present at the seminar.

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Workshop on tax legislation slated for July 9

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