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Guyana’s predictable fiscal regime will work for you’ – Dr. Singh tells investors at COTA
(Kaieteur News) – Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh, on Monday encouraged investors to come to Guyana, assuring them of a predictable fiscal regime that is fair, efficient, and equitable.
Delivering the feature address at the Caribbean Organisation of Tax Administrators’ (COTA) 27th General Assembly and Technical Conference in Georgetown, Dr. Singh said there has been remarkable progress in the modernisation of tax administration across the region. He noted that advances in big data, machine learning, and data analytics have opened new opportunities for tax authorities, allowing declarations, prices, volumes, and declared values to be processed with a speed that presents almost limitless possibilities — a transformative impact he said few other areas of public administration can match.
“The subject matters that you’ve chosen to address, I believe, are very timely,” Dr. Singh said. “I want to urge that we take advantage of the opportunity to get ourselves acquainted with cutting-edge thought on how information technology, and artificial intelligence in particular, can be used to transform tax administrations — not only in Guyana, but across the region.”
Dr. Singh reminded delegates that tax offices, revenue agencies, and tax administration departments — regardless of their structure — play a vital role in their respective economies, with revenue protection and collection as their foremost responsibility. He said tax authorities are also duty-bound to administer tax laws in a manner that is efficient, fair, and equitable, calling this an indispensable element of a healthy business environment.
“People doing business in Guyana and in the Caribbean need to know that they have a predictable regime of fiscal laws that will be applied fairly, equitably, and efficiently,” he said. “Investors coming to our countries expect a predictable fiscal framework in the host countries in which they are operating — especially in a rapidly growing economy like Guyana’s, where we have unprecedented levels of foreign direct investment and domestic private investment.”
Dr. Singh urged the Guyana Revenue Authority (GRA) and other regional tax administrations to stay mindful of their dual responsibility, stressing that facilitating investment and ensuring revenue collection should complement, not conflict with, each other.
“Facilitating investment and trade in an efficient way does not conflict with revenue protection and collection,” he said. “If we maintain a revenue administration that enjoys a high degree of confidence and demonstrates world-class efficiency in the service it provides to our citizens, that will redound to stronger economic growth, more investment, and significant revenue expansion.”
He added that Guyana’s objective is to build a more citizen-friendly tax administration without compromising revenue collection, noting that both domestic and foreign investors ultimately want the same thing: a fiscal framework applied consistently, fairly, and efficiently.
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