THE Private Sector Commission (PSC) is in loud praise of the 2013 National Budget, calling it almost a parallel to what had been requested.
Chairman of the Commission, Ronald Webster, this past week, weighed in on what had been laid out by Minister of Finance, Dr Ashni Singh, and said that

while there are some differences, the private sector was generally happy with the proposals.
Webster, in a brief interview with media operatives on Tuesday, said the allocations for the various infrastructure projects as announced by the Minister was “spot on.”
He said that where the tax adjustments are concerned, the private sector believes that what was presented was, “not quite as far as we would like, but came close.”
All in all, the Chairman of the Private Sector Commission said that the business community was generally happy with the way the Finance Minister structured the proposals.
Webster said he was particularly pleased to hear of the measure in place to assist first time home owners with loans, in causing the interest payments to be absorbed by Government.
This is particularly important said Webster, as a means of dealing with the mass exodus of skilled young professionals from Guyana.
“It will be good for young professionals,” the PSC Chairman said, and added that the move would allow for young Guyanese professionals to seek out building a more tangible foundation at home.
As against hopping out to the islands or further afield, Webster said that, “if they can settle here and build roots,then that is a tremendous plus.”
The exodus of skilled Guyanese that many have come to term a ‘brain drain’ on the country, was of particular concern to the Private Sector, according to Webster.
Dr Singh on Monday last had unveiled a plethora of measures, meant to improve the lives of thousands of Guyanese.
Meanwhile, the PSC in a formal statement issued yesterday, said that the structure of the 2013 budget has particular relevance at a time when the external economic climate is less than favourable and the necessary steps must be taken now to guard against a domestic downturn.
The Commission, in speaking about the relief measures in the 2013 Budget, said that the adjustments coupled with a potential increase in the PAYE tax threshold for first time home owners by adding mortgage interest to the threshold will, “we feel, assist young professionals to acquire property and develop roots in Guyana…This, we believe, will encourage the retention of critical skills essential to our economic development.”
The PSC believes the National Budget has recognised the need for a Public/Private Partnership to develop the Georgetown harbour, the need for a new bridge across the Demerara River and a new Georgetown bypass to the East Coast to relieve the congestion of the East Bank corridor.
It said too that planned expenditure on the rehabilitation and maintenance of hinterland airstrips which has long been advocated by the Private Sector, “will provide swift and positive impact on the aviation sector…It will result in lowered transport costs, improved opportunities for high value exports from the interior, enhanced nature tourism capabilities and mining support.”
The PSC said it is “pleased that the Budget also recognised the need to market the country for high-end tourism and as a reliable supplier of goods and services.”
The local business umbrella body said, too, that it supports proposed arrangements to implement the Anti-Money Laundering and Countering the Financing of Terrorism Act and has since appealed to the National Assembly to deal with these amendments as a matter of absolute urgency.
“We look forward to positive and constructive engagements in Parliament that will result in consensus on the way forward and we encourage all Parliamentary Parties to consult with the Commission on any matter that can benefit from our expertise or intervention.”
The Finance Minister, in his 188-minute budget presentation, announced a record $208.8B Budget that includes an increase in Old Age Pension, subsidised electricity for pensioners, reduced property taxes for companies and individuals, mortgage interest relief for first-time home owners and reduction of personal income tax.
Dr Singh told the House that with effect from this year, first time home owners with mortgage loans of up to $30M will be permitted to deduct interest they pay on such mortgages from their taxable income.
He announced too that the personal income tax (Pay As You Earn) that is deducted from every dollar above the $50,000 threshold per month, has been reduced by 3.3 per cent down to 30%.
This measure, he said, would benefit some 184,000 taxpayers and an additional $41.8B of disposable income being placed in the hands of working Guyanese.
“Budget 2013 includes something for all Guyanese,” Dr Singh announced and pointed to “the 42,500 old age pensioners who will receive a higher pension from May, the young professional who will repay her mortgage more quickly now because of the mortgage interest relief she will receive, the farmer who will produce more because of the affordable inputs he will now be able to access, the young recently qualified doctor who will embark on an exciting new profession in the public health care system, the single mother who will access her first loan under the expanded WOW programme, and so many others.”