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GPP calls for temporary waiver on fuel taxes

Mar 28, 2011 News

Concerned for the average citizen, given the alarming increases for goods and services across Guyana, the Guyana Peoples Partnership is calling on the government to immediately reduce the Value Addded Tax (VAT) to 10 per cent in addition to a temporary waiver of all fuel taxes.
“Food prices are rising faster than inflation…We estimate that food prices have increased by 5 to 8 per cent in the first quarter of 2011…This is in addition to the increase in the cost of electricity and gasoline.”
The fledgling political party headed by businessman Peter Ramsaroop stated that transport prices are another added pressure for citizens as Fuel/Lubricants prices at the pump increased by over 20 per cent in the last month.
The party posited that the government’s reduction of Gas Tax by 10% is not enough to cushion the impact of the global rise in oil prices due to the unstable politics in North Africa and the Middle East, therefore forcing public transport operators to increase their fares.
“The GPP calls for all taxes on fuel to be temporarily eliminated…In addition, the GPP appeals to the Government to introduce public/private sector development of Ethanol and adopt legislation of an E-10 policy this year…Furthermore, we call for a reduction on import duty of automobiles from Brazil.”
That party’s Presidential Candidate, Peter Ramsaroop on Wednesday last met with some minibus operators and told them, “By definition, the purchasing power of a dollar decreases as the price of consumer goods rise. If one’s income does not go up but the price level increases, your purchasing power and quality of life decreases.”
To help deal with this situation he demanded that the Government overhaul the entire Tax system.
“In order to provide relief, we need a complete overhaul of our entire tax system…We cannot allow Government to continue to take $54 out of our taxable $100.”
He said that based on Present Value Tables, “$1 in 1992, with a 10 per cent Annual Rate will buy goods and services of 0.24 cents today…”At the current high inflation rate, $1 in 1992 will buy 0.16 cents of goods and services today.”
Speaking on the recent passage of the 2011 Budget, Ramsaroop stated, “Indeed, with a sense of optimism, the GPP was expecting that there was a plan or at least some framework of ideas of how to keep Guyana and the Guyanese people above water both literally and economically. Also, this plan was in sync with Guyanese expectations; therefore, we expected to be presented with at least a three-year rolling economic recovery package which would have included:  Adequate measures to keep workers in jobs and minimise the impacts of the ongoing world economic slowdown.  But what have we seen? A pie-in-the-sky budget which is totally devoid of any conceptual understanding of the pressures we will face as an economy and a people.”

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