The Private Sector Commission (PSC) commends the government for the steps it has taken to bring immediate and tangible relief to consumers who were severely affected by the impact on the cost of living due to the implementation of Value Added and Excise taxes. The PSC, according to a press release from Public Communications Consultants Ltd, said it would like to encourage Minister of Finance Dr Ashni Singh to continue to monitor the impact of the tax on the average consumer and on the business community, in order to ensure that the introduction of the tax serves its purpose of widening the tax base while avoiding hurting the consumer and discouraging investment.
At the same time, the PSC said “the continuing, unrelenting and unsubstantiated attacks being made on the business community by the Commissioner-General of the Guyana Revenue Authority (GRA) are unwarranted and unproductive.” The commission said it is satisfied that the successful implementation of the VAT and Excise Tax would be much better served by the GRA concentrating its efforts on assisting businesses, especially smaller businesses, “in properly and lawfully applying the provisions of the VAT Act and in fully educating the consumer.”
The PSC said it has observed that the introduction of the tax had resulted in the unforeseen dislocation of a considerable cross section of the manufacturing and commercial community as well as appreciable hardship to consumers faced with the sudden rise in cost of everyday consumables and services. Also, that a number of retail and service businesses have suffered losses caused by unfair competition resulting from businesses not having registered.
The commission urged members of the business community to ensure that they are properly registered and are conforming to the requirements of the law. It also said that it is important that consumers are allowed to fully benefit from the extended list of products and services which the minister has either zero-rated or exempted by the amendments to the VAT Act. The PSC said it looks forward to continuing to work with the minister and in cooperating with the GRA to facilitate the successful implementation of the taxes.