VAT has significantly contributed to the growth of Guyana’s economy - GRA Comissioner General Khurshid Sattaur
Published on Thursday, 20 October 2011 01:10
Written by Super User
Source
Commissioner General of the Guyana Revenue Authority Khurshid Sattaur today said that the value added tax which was introduced in 2007 has significantly contributed to the growth of Guyana’s economy.
The Commissioner General was downplaying the debate that is ongoing between opposition political parties who say they will either reduce or remove the value added tax vat from the revenue system.
Mr. Sattaur said one hundred and four billion dollars has been collected surpassing this years target of G $100B . The Commissioner General said since the implementation of value added tax (vat) a significant amount of revenue has been earned for the further development of the country.
Mr. Sattaur said politicians should be factual and honest with the Guyanese people since a significant amount of goods and services that are available vat free to customers and vat also accounts for the six other taxes that were removed.
“What would happen to the country tomorrow if all these things were to stop immediately there would be no more schools, roads, hospitals, sea defense what would happen to our country you have to be an idiot or a mad person to ask for these sources of revenue unless you have some alternative maybe I don’t know what future plans those who are lobbing for the removal of the vat has to replace it I hope it is not to encourage massive propagation of illegal activities in the country so that the incumbent government can benefit from it”
He added that Guyana has become independent on revenue collection to maintain its planned program of activities and these monies that go to the treasury is used to fund a number of capital programs country wide.
“In general we have done extremely well in administering the vat and anyone that attempts to disrupt what has happened is the past could be courting disaster they would probably go back to the days when we have to introduce very income taxes”
VAT has replaced eight taxes and the GRA says it will be monitoring prices to ensure that there are no excessive mark-ups befitting both producers and consumers.
The government is convinced that these measures are necessary and appropriate in the context of its poverty alleviation policy agenda, and the imperative of ensuring high quality affordable social services in order to achieve the millennium development goals.
It was also introduced in the interest of increasing the country’s attractiveness as an investment destination which would facilitate high levels of real economic growth.
Published on Thursday, 20 October 2011 01:10
Written by Super User
Source
Commissioner General of the Guyana Revenue Authority Khurshid Sattaur today said that the value added tax which was introduced in 2007 has significantly contributed to the growth of Guyana’s economy. The Commissioner General was downplaying the debate that is ongoing between opposition political parties who say they will either reduce or remove the value added tax vat from the revenue system.
Mr. Sattaur said one hundred and four billion dollars has been collected surpassing this years target of G $100B . The Commissioner General said since the implementation of value added tax (vat) a significant amount of revenue has been earned for the further development of the country.
Mr. Sattaur said politicians should be factual and honest with the Guyanese people since a significant amount of goods and services that are available vat free to customers and vat also accounts for the six other taxes that were removed.
“What would happen to the country tomorrow if all these things were to stop immediately there would be no more schools, roads, hospitals, sea defense what would happen to our country you have to be an idiot or a mad person to ask for these sources of revenue unless you have some alternative maybe I don’t know what future plans those who are lobbing for the removal of the vat has to replace it I hope it is not to encourage massive propagation of illegal activities in the country so that the incumbent government can benefit from it”
He added that Guyana has become independent on revenue collection to maintain its planned program of activities and these monies that go to the treasury is used to fund a number of capital programs country wide.
“In general we have done extremely well in administering the vat and anyone that attempts to disrupt what has happened is the past could be courting disaster they would probably go back to the days when we have to introduce very income taxes”
VAT has replaced eight taxes and the GRA says it will be monitoring prices to ensure that there are no excessive mark-ups befitting both producers and consumers.
The government is convinced that these measures are necessary and appropriate in the context of its poverty alleviation policy agenda, and the imperative of ensuring high quality affordable social services in order to achieve the millennium development goals.
It was also introduced in the interest of increasing the country’s attractiveness as an investment destination which would facilitate high levels of real economic growth.