Local manufacturers’ rejection of a 40 per cent tax on refined sugar imported into the region reflects a limited understanding of market requirements, according to the Guyana Sugar Corporation (GuySuCo) which says that its planned white sugar product will meet the standards required by the manufacturers.
In a statement yesterday, GuySuCo said that it has taken note of the concerns of the Guyana Manufacturing and Services Association (GMSA) relative to production and supply of white sugar by regional sugar producers, such as GuySuCo and the Belize Sugar Industries Limited. It highlighted that its production of plantation white sugar will bring a host of benefits.
Stabroek News recently reported that the GMSA has rejected a proposal floated to apply a 40 per cent Common External Tariff (CET) to refined sugar entering the Caribbean Community.