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Guyana Cuts Indirect Taxes In 2015 Budget

by Mike Godfrey,, Washington

11 August 2015

Guyana broadened the scope of its zero rate of value-added tax and made other changes to its indirect tax regime in its recent Budget.

The zero rate will apply to: yogurt, cereals, fresh carrots, milo and ovaltine, nestum (infant food), mustard and mayonnaise, locally produced fruit juice, locally made chow mein, vinegar, locally made uncooked pasta, ketchup, chicken sausages in packets, locally produced Chinese sauce, baking powder, liquid detergent, household cleaning agents, rolls of paper towels, household cleaning agent, and computer printers for non commercial use.

The Budget also proposes a new exemption from custom duties on: fishing boats, spare boat parts, equipment for fishing boats, and equipment and supplies for use in processing plants for use in the fish/seafood and aquaculture industry, subject to approval from the Commissioner-General.

Certain excise duty concessions have been announced for some motor vehicles and eligible gold miners are to be exempted from the payment of customs duties on fuel and certain capital goods.

To ease the burden of doing business, the Ministry intends to improve support for small- and medium-sized businesses, and in particular those undertaking research and development, including through the creation of a Small Business Development Center. A single stop shop will be established to simplify the process of registering a new business and Guyana will reduce the number of reforms required, alongside a move to a "one-click" registration system.

TAGS: VAT rates | tax | business | value added tax (VAT) | VAT legislation | excise duty | food | legislation | Guyana | research and development

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