-as Fiscal Enactment Amendment Bill primarily provides for the reduction of final tax and removal of Tributor’s tax applicable to the mining industry
Georgetown, Ministry of Finance, July 21, 2022: The Fiscal Enactment Amendment Bill No. 2 of 2022 was today presented to the National Assembly by Senior Minister in the Office of the President with Responsibility for Finance, Dr. Ashni Singh. This Bill seeks to give legislative effect to the commitments made by Government to the mining community during a meeting at the Arthur Chung Conference Centre at the end of May last and will allow for relief for miners through a number of measures to be implemented by Government.
On May 31 last, Vice-President Dr. Bharrat Jagdeo had met with the Guyana Gold and Diamond Miners Association (GGDMA) at the Arthur Chung Conference Centre (ACCC), following which Government announced a number of measures that would be taken to provide relief for miners as well as in fulfillment of the People’s Progressive Party/Civic’s (PPP/C’s) promises to miners as outlined in its manifesto.
The measures included the reduction of final tax from a maximum of 3.5 percent to 2.5 percent which would result in an estimated $1.4Billion being returned to the mining industry, and the removal of the 10 percent Tributors’ Tax that would benefit thousands of workers in the industry with $300 million expected to be returned to those who were paying this tax.
Further, Minister Singh also presented Value-Added Tax (No.3) Order 2022, which was Gazetted earlier in July, removing Value Added Tax (VAT) on lubricating oil, a key input in not only the mining industry, but almost all the productive sectors.
In total, all measures, once implemented would see a total of $1.9 billion returned to the industry.
Also tabled, was the Value-Added Tax (No.2) Order 2022, which removed VAT on cement, cement board and sheet rock, in line with Government’s vision for providing relief to citizens as well as to support the housing drive.