Dear Editor,
The Region Three Private Sector Inc (R3PSInc) commends the Government of Guyana and President Dr Irfaan Ali on the timely decision to reduce the adverse impact of increased freight costs on customs duties, excise taxes and input VAT calculations by reverting to pre-pandemic estimates.
The R3PSInc will work with all its members to ensure that all cost-saving measures are transferred to the relevant sectors under its purview, and by extension consumers, as the concession apply to all invoices dated 01 August 2021 and will be in effect until 31 January 2022.
These measures will not only help lessen the economic burdens on the general public, but also stimulate consumption and help local businesses to recover.
The ultimate result of this adjustment to customs duties, excise taxes, and input value-added tax (VAT) on goods imported would be the return of $4.8 billion to the pockets of consumers and the business community over the next six months.
The R3PSInc anticipates and expresses its willingness to work with the Government of Guyana in ensuring fruitful bilateral relations for the significant social and economic advancement of all Guyanese.
Additionally, it is noteworthy to mention that Government has developed several measures and policies designed to enable the diversification of the economy, as well as resuscitate the major productive sectors – such as the agriculture, infrastructure, and energy sectors – to rapidly develop capacity for future undertakings.
Further, President Ali must be commended for his leadership, vision, and foresight in assisting all Guyanese in every way possible to enjoy the good life.
The R3PSInc would like to urge importers to not behave in a deceitful manner by exploiting the measures designed to ease the burden on the Guyanese people.
Sincerely
Head of R3PSInc
Halim Khan
