In a speech delivered yesterday via his Facebook page, President Irfaan Ali revealed that his administration had granted more than 150 small and five large forestry concessions, along with various initiatives aimed at enhancing productivity and investment in the sector. These initiatives involved eliminating VAT on machinery and equipment, offering tax concessions for All-Terrain Vehicles, reversing VAT on exports, and lowering taxes for travel to hinterland areas. The President also mentioned that the government modified the log export policy, allowing more exports, which has further stimulated industry growth.
Ali pointed out that a primary government initiative is the promotion of Guyana’s Timber Legality Assurance System (TLAS), with hopes that the first licence under the European Union’s Forest Law Enforcement, Governance, and Trade (FLEGT) Programme will be granted by 2026. The government has prioritized financial assistance for local forestry businesses, with 13 individuals receiving $296 million from a $900 million revolving fund aimed at improving production and value-added activities. According to Ali, these initiatives have resulted in a rise in the sector’s output, which has now surpassed $15.6 billion since 2020.
