The Private Sector Commission met yesterday with the members of the Tax Reform Committee. The discussion was wide ranging; it covered the recommendations of the Private Sector Commission on reducing corporate
income taxes and PAYE, to stimulate the economy and make Guyana’s exports more competitive in the Region.
The Private Sector Commission advocated that reduction of these taxes would actually lead to increased collection of revenue by the government.
The Commission also recommended the zero-rating of additional items for Value Added Tax (VAT) in order to reduce the tax burden on the poor and make for a more equitable taxation system. It was felt, too, that the Tax Threshold should be increased to $75,000 initially, and should be increased by the rate of inflation in each subsequent year.
During the exchange, the members of the Tax Reform Committee made reference to tax studies and reports, which were commissioned by the previous administration and which would be taken into consideration by the Committee.
These included the recent study of Guyana’s tax system by Duke University.
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