Stabroek News

The Budgetary measures announced yesterday by President Ali include according to the Office of the President:

1. Reversal of VAT on electricity and water

2. Removal of VAT and duties on machinery and equipment to allow for recapitalization. Granting of tax concessions on ATVs for mining, forestry, agriculture and manufacturing

3. Reversal of land lease fee increases back to the rate it was in at the end of 2014

4. Removal of VAT on fertilizers, agro-chemicals, pesticides, and key inputs in the poultry industry

5. Reversal of VAT on exports

6. Removal of VAT on hinterland travel

7. Removal of VAT on all medical supplies

8. Reversal of VAT on building and construction materials

9. Zero rated VAT on cellphones

10. Removal of corporate tax on private education

11. Removal of corporate tax on private healthcare

12. Mortgage Interest Relief – interest incurred on housing loan up to $30 million to be deductible from Income Tax

13. Increase limit for low income loan for corporate tax relief in the banking sector to $10 million

14. Any license that was increased and renewed after 1st October 2020 would be reduced by 50%

15. Change of log export policy to allow saw millers to export logs (increase production and taxes)

16. Reversal of policy to allow for importation of used tyres

17. ½ cut vehicles over 8 years would be allowed to be imported

18. Reversal of policy to allow importation of vehicles more than 8 years

19. (a) Effective 1st January 2020, $15,000 Cash Grant for school children

(b) Double school uniform voucher allowance to 4000 per child

20. Effective 1st January 2020, $25,000 for pensioners – $4.5 billion

21. $800 million for Amerindian Development Fund. Reintroduction of the CSO program

22. $5 billion budget support for GuySuCo

23. Free water for pensioners

24. Two weeks tax free bonus for the Joint Services – $600 million

25. $150 million to frontline workers in the health care system

26. $200 million to expand Guyana Learning Channel

27. 25,000 solar units for hinterland

28. Removal of requirement to register and take out road license for mining equipment

29. Removal of requirement for police clearance for miners to transport fuel in their own vehicles

30. Revert the poultry industry to zero rated VAT status

31. Special incentives, inclusive of land to be made available for planting of corn and soybean to satisfy local and regional feed mill demands

32. Tax concessions on investment in agro-processing facilities, cold storage and packaging

33. Support for drainage and irrigation services

34. Investments in farm to market access roads

35. Removal of land taxes and drainage and irrigation charges back to 2014 position

36. Reversal of increases in land lease fees for lands under cultivation back to 2014 position

37. Land and water charges reversed to the rate at end of 2014

38. 50 new 4 x 4 vehicles for the Guyana Police Force

39. Over $1.5 billion for hinterland, urban and rural roads

40. New ferry for North West

41. Upgrade to hospitals at Suddie, New Amsterdam, Leonora, West Demerara, and Diamond

42. $25,000 per household for COVID-19 relief – $4.5 – $5 billion

43. Special incentives for new hotel development

44. Liberalization of the telecommunication sector

45. Multipurpose sports complex for Regions Two, Six and Ten

 

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