How APNU sucked the oxygen out of the economy

Dear Editor,
If business and consumers feel overtaxed under APNU, they have every right to be. Simply put, APNU’s tax policy has sucked the oxygen out of the economy. Over the 2015 to 2019 period (a 5-year period), APNU has extracted over 65 per cent more in taxes than under the PPP. In some cases, the increase is 85 per cent.
2014 was the last complete year of the PPP. We have reports of the Auditor General for every year up to 2018. We have Minister Jordan’s 2019 Budget Estimates. The following table presents information on tax collections using the AG reports and the 2019 Budget:

For those who would like to check the data, refer to page 362 of the 2015 AG Report (which shows 2014 data for comparison); refer to page 12 of the 2018 AG Report, and refer to page 6 (Table 3) of the 2019 Budget Estimates (Volume 1).
The evidence speaks for itself. An 85 per cent increase in customs and trade taxes; a 75 per cent increase in internal revenue, which is largely income tax from persons and companies, a 60 per cent increase in excise tax (collected on fuel, vehicles, alcohol and tobacco) and a 46 per cent increase in VAT which has been applied to almost every item including electricity and water.
And much of the taxes have been wasted – the average man can witness an era of squandermania by this APNU/AFC Government, with much of our tax dollars going to pay handsome salaries, travel, and dietary for an elite number of persons. Simply look at where the money is expended, and there is no shortage of extravagance and wastage.
And the record will show that during the last five years, our country has reduced its foreign reserves, reduced its gold reserves, run up an illegal overdraft with the Bank of Guyana of over $75 billion, drained the coffers of many statutory bodies such as GGMC, GFC and the Lotto Fund, and expanded the national debt (both internally funded and externally funded). Not to mention the many inside private deals and lack of transparency. Not much to show – but taxation, squandermania, increased debt and a raid on the everything in the Treasury.
APNU cannot point to any new investment that was not started under the PPP – from oil to gold to bauxite – virtually all new projects were started under the PPP. The PPP left substantial loans that were intended for the development of the country’s social and physical infrastructure – these have funded the major capital programmes although many are behind schedule. Not much in new loans for the productive sectors to speak about. No major projects completed except for the Cheddi Jagan International Airport with considerable cost overruns and reduction in scope. And major infrastructure stalled – no parallel road (bypass) from Georgetown to Diamond, despite a $50 million Indian loan; no new Demerara Bridge; no Amaila Falls or new power generation along the coast; no Speciality Hospital. In short, no new projects but lots of expensive feasibility studies that are kept under lock and key.
No wonder there have been massive job losses including sugar, non-performing loans are up, and people have a sense of hopelessness. Clearly, for most businesses and persons in the Private Sector, their lives are more difficult as they are forced to pay more in taxes and their livelihood is being squeezed at every corner of their daily lives.
The hallmarks of the APNU/AFC Government: taxation, squandermania, crime, corruption and anti-investment. We like acronyms: T-S-C-C-aI.

Sincerely,
A Grant