Finance Minister Winston Jordan yesterday announc-ed tax exemptions for small and medium scale miners on several items used in the industry.
Prior to the May 11 general elections, the APNU+AFC coalition now in government had pro-mised to waive duties on fuel, tools and small scale mining equipment bought by identifiable holders of small concessions. Jordan referred to this pledge during his presentation of the 2015 Budget yesterday.
“I am pleased to announce that eligible gold miners will be exempted from the payment of custom duties on fuel, matting, ATVs, jack hammer drills, flex hoses, expanding metals, pumps, pump housing, impellers, shaft and engines,” he told the House. He said that pursuant to the Customs Duties (Amendment) (No.1) Order 2004, the government will enter into a new agreement with the Guyana Geology and Mines Commission (GGMC) and the Guyana Gold and Diamond Miners Association (GGDMA) to give effect to the grant of these tax exemptions.
Meantime, Jordan also proposed an amendment to the First Schedule to the Customs Act to waive duties on “fishing boats, spare parts, equipment for fishing boats and equipment and supplies for use in the processing plant which the Commissioner-General is satisfied are imported for use in the Fish/Seafood and the Aquaculture Industry.” He said that this exemption will result in $100.5 million in revenues foregone.
Jordan also proposed an amendment to the Fifth Schedule to the Income Tax Act Cap. 81:01 to replace the word “shrimp” with the word “prawns.”
He said that the amendment is in keeping with representation by the fishing industry for shrimp to be made eligible for the export allowance granted to non-traditional exports.
