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Tax reform committee’s work almost completed

Mar 28, 2014 News

Government has warned that any adjustments to the country’s tax system will have to be handled carefully as there are repercussions.
President Donald Ramotar, responding to questions yesterday, made the statement while disclosing that a special committee tasked with reviewing Guyana’s tax system has almost completed its work.
The Tax Reform Committee was appointed shortly after Ramotar assumed office in 2011 and was part of his campaign promise to the business community.
“Tax is the lifeblood of government revenue so it has to be handled very carefully and not in a piecemeal manner,” he said yesterday during a press conference.
Of special concern to the business community was the Value Added Tax (VAT), which has been raking in billions every year since being introduced. Last year, more than $30B was collected.
The committee, which initially included former Chairman of the Guyana Water Inc, Dr. Cyril Solomon; accountant, Ronald Alli; and Chairman of Banks DIH, Clifford Reis, faced delays in its works. Solomon was ill and the administration had moved to replace him.
The business community, including the Georgetown Chamber of Industry and Commerce (GCCI), had long signaled intentions to make recommendations for changes to the tax system to the committee.
Tax reforms have been one of the biggest demands by businesses.
Among other things, businesses have been calling for the VAT rate to be reduced.

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