The Ministry of Finance this evening denied a report in the Guyana Times which said that tariffs on steel imports had been increased.
A release from the Ministry of Finance follows:
The Ministry of Finance notes with absolute disgust a report in the Guyana Times, “Govt hikes taxes on steel imports”, August 11, 2016.
According to the article, the Chairman of the Public Accounts Committee Irfaan Ali said “Finance Minister Winston Jordan circulated on Wednesday a correspondence with [sic] brokers and other relevant stakeholders, indicating that the tariff (taxes) charged for the importation of steel into Guyana would be doubled, since it has been increased from five per cent to 10 per cent.”
The Ministry of Finance (MOF) categorically rejects this accusation and wishes to make clear that the Minister of Finance, Hon. Winston Jordan, has not circulated any correspondence indicating any increase in tariffs for the importation of steel. MOF also wishes to make clear that there has been no increase in the tariffs associated with the importation of steel.
The fact of the matter is that the Quality Review Section of the Guyana Revenue Authority, which is responsible for examining Customs Declarations for valuation, classification and volume discrepancies, identified anomalies in relation to the importation of alloy steel by several businesses in Guyana. After a review of the evidence presented, together with the Chapter Notes of the Common External Tariff (CET) and Explanatory Notes, it was determined that most of the Tariff Headings applicable to the type of steel commonly imported would attract a rate of import duty of 10%, instead of 5%.
Under the circumstances, it is mindboggling that Mr. Ali could engage in such dishonesty. This can only be interpreted as an attempt to create unfounded hysteria within the business community to score cheap political points and impugn the integrity of the Hon. Minister of Finance. MOF would like to urge Mr. Ali to set aside his misguided crusade against the Minister of Finance and apprise himself of the facts relevant to the issues on which he engages his supporters.
The MOF wishes to reiterate that the Hon. Minister of Finance neither circulated nor initiated any correction to the applicable rate of import duty; rather it was the Agency responsible for the collection of the country’s taxes.
Importers who wish to contest the alloy content of the imported steel and the duties applied by the Customs Department could use the usual channels, including appeals to the Commissioner General, GRA and the Customs Tribunal.
The Ministry of Finance would like to remind the editors and reporters of the Guyana Times of their responsibility to their readers to be “The Beacon of Truth”.
