Keep taxes in order to access concessions – GGDMA tells miners

Mar 17, 2017 Peeping Tom

The Guyana Gold and Diamond Miners Association (GGDMA) is reminding its members that in order to access concessions afforded to the industry, they should ensure that they are compliant.
According to the GGDMA, miners whether large, medium or small can have access to the various tax concessions offered by the government, once their taxes are in order. The Association said that the reminder serves to correct a misconception that is being peddled that only selected miners can access concessions.
The Association said yesterday in a statement that miners need to be compliant with their Tributors Tax, Withholding Tax, Property Tax, and maintain a registry of the names, addresses and TINs of all their employees in order to access the concessions.
Tax concessions can be accessed in areas such as mining equipment, mining spares, fuel and a number of other supplies, according to the GGDMA. Based on information received by this newspaper, there are four categories (A, B, C and D) of miners who can access the concessions.
Miners wishing to access Category A concessions must declare 5,000 ounces of gold and above annually. The conditions for this category are Two double-cab pick-ups every five years with no limitations regarding engine capacity, year or model; one motor car every five years with a maximum cylinder capacity (CC) of 2,500.
Further, 20 per cent of the total taxes payable for the double cab pick-ups shall be paid by the beneficiary of the tax exemption. Similarly, 20 per cent of the total taxes payable for the motor car shall be paid by the beneficiary.
A Category B miner would have to declare between 2,000 to 4,999 ounces annually. They are entitled to one single cab pick-up every five years with no limitation regarding engine capacity, year or model. Likewise, 20 per cent of the total taxes payable for the pick-up shall be paid by the beneficiary of the tax exemption.
Category C declarants of 500 to 1,999 ounces are governed under the same conditions as it relates to vehicles and percentage payable.
Declarants under 500 ounces of gold annually are not eligible for tax exemption on motor vehicles to be used in the mining sector.
As it relates to the types of mining equipment and spares which concessions are given, these items include All Terrain Vehicles (ATVs) Tubes, pipes, flex hoses, carpets and floor coverings, articulated link chains, pumps, impellers, pump housing, shaft and marine propulsion engines among other types of engines.

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Keep taxes in order to access concessions – GGDMA tells miners

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