Guyanese will be able to live a better life

Dear Editor,
Please permit me to highlight, commend and congratulate the excellent work of His Excellency President Irfaan Ali, Vice President Bharrat Jagdeo, and his Finance team, given their direct involvement in the crafting of the 2020 emergency budget recently approved by the National Assembly. With this first budget after the elections, removal of major parasitic hindrances has been targeted, together with a remedial approach to rebuilding a healthy progressive nation.
Amidst the global economic slowdown which is hinged to threats from the COVID-19 pandemic, the action-driven initiatives are indeed bold, creative, and necessary to fuel the restart of our floundered economy. Guyanese are well aware that our economy had become stultified at the hands of APNU/AFC’s fraudulent and negative policies.
It did not help that David Granger’s regime chose to further suffer the nation for more than five months leading up to the August 2 swearing-in of Dr Ali’s new Government. One should therefore not disregard the damaging effects of the elaborate (over 30 billion) spending undertaken by the Granger caretaker cabal during the post-election 5-month abeyance, and the need to hold them accountable for these skulduggeries.
Guyanese are now both heartened and relieved with the lowering of fees and reduction of taxes, together with the moves to establish a more predictable, trusted, and incentivised approach that encourages renewed investment vigour and partnerships. These have been made formal through the budget measures, made effective October 1, 2020.
President Ali’s Government has put immediate measures in place to reverse or reduce the many burdensome and draconian increases that were imposed by the heartless PNC/APNU Government. The swiftness of the PPP/C leaders in this regard demonstrates a purpose-driven commitment to keep the promises made to the electorate. Related in this respect, the PPP/C Government recently tabled several bills in the National Assembly in a desperate effort to take the unbearable pressure off our people.
Editor, the PPP/C Government demonstrated an understanding of the need to improve the wellbeing of Guyanese livelihood, as well as a caring and compassionate considerations when they moved to address several bills in the National Assembly. These include the Auctioneers (Amendment) Bill No 2 of 2020; Corporation Tax (Amendment) Bill No 3 of 2020; Hucksters Licensing and Control (Amendment) Bill No 4 of 2020; Income Tax (Amendment) Bill No 5 of 2020; Miscellaneous Licenses (Amendment) Bill No 7 of 2020; Tax (Amendment) Bill No 8 of 2020; Value Added tax Bill No 9 of 2020; and the Motor Vehicles and Road Traffic (Amendment) Bill No 10 of 2020.
Notwithstanding, Guyanese must ponder the fact that as all these bills were put up for debate and approval, that the Opposition APNU/AFC representatives shamelessly absented themselves from the National Assembly. Seemingly, they appeared afraid to confront the insensitive actions that their party took against the nation, demonstrating an abstract position with humanity, loss of the common touch, and the decency to do the right things for our citizens.
Most Guyanese should not forget that almost the entire group of APNU/AFC parliamentarians voted against support funding for our Amerindian brothers and sisters and this 2020 budget. The irrationality of this group does not auger well for constructivism and objectivity in our country’s development agenda. The fact is that the initiatives in the budget will certainly bring tremendous relief to our people and stimulate economic growth in our country. While space will not permit an expansive approach to all the amendments, please allow me to touch on a few areas.
It is easy to observe that the removal of VAT on electricity and water will not only allow financial resources to be otherwise utilised by citizens but effectively reduce the cost of production on locally manufactured or produced goods. Further, the reversal of the imposition of VAT on exports allows exporters to register and reclaim input/purchase VAT expended as a cost of production thereby making our goods more competitive on the international market and by extension, maintaining and creating jobs.
The Tax Amendment Bill reduces numerous Licensing Fees by fifty per cent of the previously increased amounts, while the favourable changes to the Motor Vehicle and Road Traffic Act Cap 51:02 provides exemptions from the requirement to register and pay license fees for excavators, bulldozers, and other vehicles used in the mining industry. These will certainly reduce associated costs and provide a shot of adrenaline in the arms of struggling participants.
The Income Tax (Amendment) Bill 2020 amends Section 2 A of the Income Tax Act Cap 81:01, thereby providing further mortgage interest relief. In this respect, homeowners will be allowed a deduction of interests paid on their mortgage loans in cases where the loans do not exceed thirty million dollars. This position reflects a 100 per cent increase in the value on which the relief was previously granted.
The Corporation Tax (Amendment) Bill, allows a tax reduction by 25 per cent chargeable on private corporate educational institutions and private corporate healthcare institutions. Through this approach, it is hoped that the institutions will make it a more profitable venture attracting quality educational investments which will result in greater access to learning opportunities across all fields of study. In essence, it is anticipated that our students and the healthcare system will benefit from specialised and more affordable health and educational systems.
In brief, from the horse cart operator and hucksters to the manufacturing and construction industries, the budget supports and provides delivery of a real value approach through which more people will be able to own their homes and live a better life.
Editor, much more of these goodies can and will be discussed in future articles. Please, however, permit me to remind the Chairman of GECOM that firm actions need to be taken against those facing indictable charges who are still under the employ of the institution.

Sincerely,
Neil Kumar JP