Against the backdrop of government’s assertive advocacy of entrepreneurship as an employment option for Guyanese, President of the Georgetown Chamber of Commerce and Industry Vishnu Doerga has told Stabroek Business that it would be useful to secure a prior understanding of just what the incentives are for pursuing the entrepreneurial option.
Noting that the failure rate among startups is “very high,” around 80% in first 5 years, Doerga said that one possible stimulant for persons opting to pursue entrepreneurship could be “a significant reduction in self-employed taxes.” This, he said, would also “encourage a higher level of compliance and allow existing self-employed to hire more employees.” Tax incentives, Doerga said, can become an “employment generation tool,” while providing even further tax incentives for additional employees hired can also reduce unemployment.