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Financial Bills laid to return almost $2B to mining sector
The mining sector falls under the purview of the Guyana Geology and Mines Commission (GGMC Photo)
Kaieteur News – The Fiscal Enactment Amendment Bill No. 2 of 2022 was on Thursday presented to the National Assembly by Senior Minister with Responsibility for Finance, Dr. Ashni Singh.
The Bill seeks to give legislative effect to the commitments made by the government to the mining community during a meeting that was held at the Arthur Chung Conference Centre at the end of May last. There, the administration promised relief for miners through a number of measures. These included the reduction of final tax from a maximum of 3.5 percent to 2.5 percent which would result in an estimated $1.4B being returned to the mining industry, and the removal of the 10 percent Tributors’ Tax that would benefit thousands of workers in the industry with $300 million expected to be returned to those who were paying this tax.
Minister Singh also presented to the House, the Value-Added Tax (No.3) Order 2022, which was gazetted earlier in July, removing Value Added Tax (VAT) on lubricating oil. This is a key input in not only the mining industry, but almost all the productive sectors.
In total, all measures, once implemented would see a total of $1.9 billion returned to the industry.
Also tabled, was the Value-Added Tax (No.2) Order 2022, which removed VAT on cement, cement board and sheet rock, in line with government’s vision for providing relief to citizens as well as to support the housing drive.
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