The Private Sector Commission has lauded the 2011 National Budget presented on Monday, saying that the measures contained therein vindicate the representation that the body has been making for years with regard to taxes, and calling the lowering of corporation tax “a leap of faith in the private sector.”
Minister of Finance Dr. Ashni Singh on Monday presented the $161.4B 2011 National Budget in the National Assembly.
“We congratulate the Minister of Finance. We believe that he has made a good case for some of the reforms that have taken place in our country. We believe that, in fact, it is a watershed moment for Guyana, especially in the area of corporate tax reform,” said Chairman of the PSC, Ramesh Dookhoo, at a press conference, at the PSC’s office on Waterloo Street.
President of the Georgetown Chamber of Commerce and Industry Komal Ramnauth (left), Chairman of the Private Sector Commission Ramesh Dookhoo (centre) and Executive Director of the PSC Roubinder Rambarran at a press conference on the national budget yesterday
This year, the rate for corporation tax has been adjusted downwards from 45 to 40 percent, except for telephone companies. Further, the corporation tax for non-commercial companies has been revised from 40 to 35 percent.
“We believe that the reduction of corporation taxes is a leap of faith in the private sector by the Government of Guyana, and the PSC feels vindicated for its collaborative efforts with Government to bring various matters of the National Competitiveness Strategy to a head,” said the PSC Chairman. Read more.........
Once again I applaud the Government on the 2011 Budget with impressive considerations for the entire country including the vulnerable in society. The PSC is indeed an important sector in Guyana and with the reduction of tax for them is a positive move which will in turn foster growth of the sector and the economy at large…
ReplyDeletethe PSC has made guyanese please with the 2011 budget that will have many guyanese see and increase in the salaries and pension etc.
ReplyDeletethe government has made put many step in place in order to continue to make the lives of guyanese more comfortable and the 2011 budget is showing justice that the government is for the people.
ReplyDeletethe budget have warmed the hearts of many since there is something for everyone and which is to put Guyana on a higher way forward with grown and development
ReplyDeletethe government is doing a great job with guyana in every sector while continuing to build guyana.
ReplyDeleteCarl Greenidge critizes budjet 2011 as not addressing employment and povert. He should be the last person who speaks on this issue he has no credibility or track record on this subject. When his rigged elected party was voted out of office in 1992, over 70% of the people lived below the poverty line and more than half of them were living in dire poverty. This has been halved under the PPP/C government.
ReplyDeleteMr.Greenidge was finance minister for nine years. By the end of his seventh year the was the state of Guyana......this was from his 1992 budget speech
*High and rising inflation
*Extreme and damaging exchange rate volatility
*The loss of foreign reserves
*A growing gap between the official and parallel market rates of foreign exchange
* Declining investment,production and job opportunities
*A fractured relationship with external creditors
Today under the P.P.P/C almost all these have halved and the prospects are extremely good
*Interest rates at their lowest levels for 20 years hovering around 11%
*Inflation contained to under 4.5%
Poverty rate under 33%
* Unemployment-using US Bulletin just over 10%
*Foreign resources that can pay for seven months of imports
*Over US$ 692m in Direct Foreign Investment
* A stable exchange rate--depreciation in 2010 was an unnoticeable 0.12%