Tax reform process gets underway

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The APNU+AFC Administration has begun the process of revisiting Guyana’s taxation policies with the setting up of three bodies to look at integral sections of Guyana’s tax framework with the intent of reviewing the same.

“Secret” Gazettes obtained by NewsNow detailed that the government has moved to set up an Income Tax Board of Review, Customs Tariff Tribunal and a VAT (Value Added Tax) Reform Tribunal.

Tracy Gibson has been named the Chairman of the VAT Reform Tribunal, Basil Joseph heads the Income Tax Board of Review and Sattaur Gafoor is the Chairman of the Customs Tariff Tribunal.

In the run up to the May 11 polls, President David Granger had signalled the coalition’s intention to conduct a massive overhaul of Guyana’s tax regime.

The President had explained that the Tax Reform Commission will be pursued with the general intent of raising the tax threshold, reducing Pay As You Earn (PAYE) tax and reducing Value Added Tax (VAT) which currently sits at 16%.

It was also noted that taxes on new cars would be lowered while taxes on older vehicles would be increased. President Granger stated that the thrust of such a reform would be to foster development with respect to importing cars that are more environmentally friendly and would consume less fuel.

 

2 COMMENTS

  1. I sincerely hope that the tax revision includes a policy to differentiate between “luxury 4-doors” and “working 4-doors” 15% flat rate on working 4-doors and the Govt will realize more money than they do now where every 4 door is duty free…one way or the other.

  2. Taxes on new vehicles were always lower than that of older vehicles. We are looking to cut taxes while the rice industry is suffering big time.

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