Govt lauded for “forward-thinking” measures to drive Private Sector growth

The private sector has commended the People’s Progressive Party/Civic (PPP/C) Government for continuing to create a conducive environment to advance the development of the local business community.
On Wednesday evening, President Dr Irfaan Ali presented his Government’s policy agenda for the economic and social transformation of Guyana and its people over the next five years.
Included in that plan were measures geared at improving the development of entrepreneurship and private sector advancement – something which the Georgetown Chamber of Commerce and Industry (GCCI) is pleased with.
“The planned establishment of a Junior Stock Exchange, the Guyana Development Bank, the national E-wallet, and special development zones [with tax incentives] reflect a forward-thinking approach that is focused on creating an enabling business landscape that is inclusive,” the Georgetown Chamber said in a statement on Thursday.
According to the GCCI, the move to prioritise micro-enterprises, women-owned businesses, and persons living with disabilities is also commendable.
“The GCCI remains committed to advocating for initiatives in the interest of the business community and will continue to collaborate with the Government for the implementation of programmes that will propel the private sector forward,” the missive detailed.
In addition to these interventions, the Chamber said it is also eagerly anticipating the implementation of the flat tax on double cab pick-ups, which will improve access to appropriate transportation options for those businesses in the construction, agriculture, and logistics sector.
Recognising the widespread use of double-cab pick-ups in productive activity, as well as their durability and versatility in both business and household use, President Ali had announced the introduction of a $2 million flat tax on double-cab pick-ups up to less than 2000cc, irrespective of age, and a $3 million flat tax on double-cab pick-ups between 2000cc and 2500cc, also irrespective of age. He said this measure will make it easier for businesses and households to renew or upgrade their transport capabilities.
The intervention was also applauded by the Tourism and Hospitality Association of Guyana (THAG).
“This measure will significantly improve access to these essential vehicles for tourism businesses, especially those operating in Guyana’s hinterland regions, where reliable transportation is critical to daily operations,” the Association said in a statement on Thursday.
Another intervention that THAG commended was the removal of corporate taxes across the entire agriculture and agro-processing value chain.
Given his Government’s strong emphasis on food security, President Ali revealed plans to engage farmers on examining additional ways to encourage and incentivise diversification – diversification across the sector and diversification within crops.
He also pointed to mega-scale opportunities, whether in livestock, dairy, mega-farms or sugar, noting that they will be incentivising the private sector to form partnerships and consortiums to invest in those opportunities, making them sustainable, profitable and resilient.
While he noted that funds will be allocated in Budget 2026 to advance the diversification in agriculture and agro-processing, including through co-investment opportunities, there will also be added tax incentives to push this agenda.
“We want to encourage investment in agro-processing, value creation, large-scale farming, mega farms, livestock, dairy, and hatching eggs. We want these opportunities to be created at an unprecedented scale to satisfy national and regional demand. To encourage this, we are going to give the same fiscal space that we give to health and education to agriculture and agro-processing, that is, the removal of corporate tax on agriculture and agro-processing across the entire value chain, positioning our ecosystem to now be the most competitive for investment in agro-processing, agriculture, and food production,” the Head of State announced.
According to THAG, this policy will enhance Guyana’s competitiveness as an investment destination for agri-tourism, agriculture, agro-processing, and food production, while simultaneously reducing the cost of locally-sourced fresh produce supplied to the tourism and hospitality sector.
“THAG commends the Government of Guyana for these forward-looking measures, which will strengthen inter-sectoral linkages, support sustainable economic growth, and further position Guyana as a competitive tourism destination,” the Association stated in its missive.