Latest update March 28th, 2025 1:00 AM
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- “It will be a very bad day for Venezuelan if they attack Guyana or ExxonMobil”—Rubio declares
- Guyana gets info on U.S. tax evasion allegations against Mohameds, Mae Thomas
- US$35 injected into banking system to address foreign currency shortage—VP Jagdeo
- Citizens to stage protest today against lack of access to information in Guyana
- Guyana vows to stand with U.S.
Badal, Hinds led “Govt.” promises 12% VAT, other sweeping tax measures
The recently formed Change Guyana Party which is led by Pegasus Hotel proprietor, Robert Badal, as its Presidential Candidate and Chartered Accountant, Nigel Hinds, as its Prime Ministerial Candidate, is promising a reduction of Value Added Tax (VAT) to 12 percent should it win the upcoming elections.
Prime Ministerial Candidate for Change Guyana, Nigel Hinds
During an interview with Kaieteur News, Hinds said that Change Guyana will also eliminate several tax categories and compliance requirements, especially where the inconvenience and psychological and material costs outweigh the benefits.
In this regard, he commented that Guyana has over 40 tax revenue and non-tax revenue accounting lines. He said that these will be targeted for reduction in a strategic manner while stating that Capital Gains Tax, Property Tax and Estate Tax will be immediately discontinued under a Change Guyana administration.
The Chartered Accountant said: “We will detail tax reform measures with an emphasis on tax incentives, poverty reduction, provide broadband internet for our learning centres and hospitals, provide livable pension for the elderly, scholarships to first class universities for our top performing students, funded homes and homeless shelters for those in extreme poverty, immediately increase the income tax threshold to $100,000 and guarantee scholarships to the University of Guyana for academically successful students who do not have the economic means to pay for university education.”
Hinds added: “We will also emphasize adding value to our abundant natural resources to reduce dependence on imports and increase foreign exchange earnings, provide reliable power generation, with tax incentives for private businesses investing in healthcare, and promote ecotourism and heritage tourism.”
But that’s not all Change Guyana has planned. The new party he said has every intention to provide tax stimulus as well as regulatory support to the major and labour-intensive industries such as sugar, bauxite, rice, mining, fishing, forestry, other agricultural farming and livestock industries. He said that this includes removal of all duty and taxes on heavy duty machinery and equipment for these sectors.
Hinds said, too, that other sectors that contribute significantly to Guyana’s Gross Domestic Product (GDP) will be targeted with tax stimulus for economic expansion and also for access by small and medium sized businesses. The Prime Ministerial candidate said that some of these sectors include construction, wholesale and retail trade, transportation, wharfage and storage, information technology and communication.
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