Latest update April 19th, 2024 12:59 AM
Jul 19, 2018 News
Finance Minister, Winston Jordan, is predicting a 20 percent economy growth in 2020, when oil production by ExxonMobil starts.
The official made the pronouncement on Monday at the Lombard Street launch of a mobile container scanner in a brand new compound.
The container scanner is a key requirement for Guyana if it intends to continue shipping exports to North American and other countries.
For at least two years now, Guyana has been without one.
Making case of the strides of the Guyana Revenue Authority (GRA) in preparation for the oil and gas industry, Jordan stressed that additional regulations and the importance of enforcement will take new meaning in the next two years.
The 2020 economy growth, buoyed by the oil revenues, will be unheard of in Guyana, leading to growth in leaps and bounds, the Finance Minister said. He warned that tax evasion must no longer be celebrated, and anyone involved should be ashamed.
With regards to the container scanner, Jordan noted that it forms part of the anti-money laundering fight.
With some “amazing” ways smugglers have resorted to bringing and exporting their illegal drugs and goods, Minister Jordan believed that more attention should be paid to what is also coming into Guyana, even illegal drugs coming from legal sources.
He said that the scanner is important in reducing the scams. There are even rackets with the shipping of barrels of goods. Sometimes persons ingeniously hide taxable items between, with “lazy” Customs officers not paying attention.
He lauded the Guyana and China ties which saw the mobile scanner being donated.
According to Jordan, the diplomatic relations, since 1972, has been fruitful and Guyana can benefit from the experience of the Chinese, even in drone technology and tax collection.
He also pointed the recently publicized Private/Public Partnership framework which spells out how Government should forge relations with private companies on mutually beneficial projects.
According to the minister, he is clear about the direction of GRA, with tax reform and administration top priorities. He said that in taking office in May 2015, he and the administration were immediately aware of the deficiencies of GRA, including tax collection in all areas.
Reforms are necessary, he stressed, as Guyana reduced dependency on sugar and with the emerging oil and tourism industries. He pointed to the recent number of tax and financial bills passed including the introduction of a national payment system to reduce cash and deposit insurance to protect customers.
Jordan noted that Guyana has been left behind in so many ways in tax administration and now playing catch up. He said that studies show that 90 percent of depositors have $2M or less in their bank accounts.
GRA, Jordan insisted, still has a far way to go.
However, there is a move also to install an oil unit to collect the revenues.
Work is also being done to introduce, very shortly, a new Customs processing entry system which will see manifests being sent electronically to GRA by shippers, thus reducing processing.
According to the minister, reforms are always difficult, but Government has a clear mandate to see them through, and there is no lack of will.
According to the official, his personal mandate to GRA is for them to ensure that the tax base is broadened so that everyone pays their fair share and not up to a few to bear the weight.
Jordan warned the staffers that he has zero tolerance for corruption and that Commissioner-General, Godfrey Statia, has his full support in ensuring that GRA improves the public’s perception.
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Apr 19, 2024
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