FINANCE Minister, Dr. Ashni Singh, in his 2014 Budget presentation, cited potential improvements in the business sector using implemented mechanisms which would have started in 2013.According to him, 2014 is expected to be a year of progress, which was accumulated as a result of the execution of selected activities under the revised ‘Doing Business Action Plan.’
He said business owners can, this year, expect a revision of the processing time to start an enterprise with added feasibility of introducing one-day services.
The minister assured that there will be efforts toward the introduction of electronic filing cases at the Commercial Court and those are aimed at improving Guyana’s position, with regard to enforcing contracts.
He added that insolvent companies will be able to reach out of court agreements with their creditors, through the introduction of a framework which will aid in avoiding bankruptcy and he underscored the fact that Guyana’s status will, ultimately, be improved in the area of resolving insolvency.
“The focus of 2014 will be placed on consolidating efforts already made towards a more technologically advanced system,” the minister said.
He explained that this system will further improve the provision of services offered to taxpayers. Similarly, it will fortify the actions of the Government in its anti-corruption measures.

Electronic banking
Taxpayers with access to the Internet will be able to conduct electronic banking operations to make payments of income, property and other taxes.
This, the minister noted, will bring a considerable reduction to both the time and cost of such transactions.
The Guyana Revenue Authority (GRA) has also released automated drivers’ licences with the view to encouraging the strengthening of controls, decreasing the risk of forgery and expanding the use of technology in monitoring.
These will be followed by other means to simplify and streamline taxpayer interactions with the GRA.
The Finance Minister anticipates an enhancement in the services for importers and exporters of goods, given the recently operationalised second mobile container scanner which will contribute to a reduction in processing time.
He said there is an anticipated increase, as well, in the monitoring of goods entering and leaving Guyana.
“Transparency and accountability will also be strengthened through the introduction of a random selection of imported goods for examination,” Minister Singh said.

Smuggling activities
He added that this is expected to aid the increase in surveillance and further minimise tax evasion and smuggling activities.
To this end, several initiatives are being undertaken, including the operationalisation of multi-purpose ports of entry, at Eteringbang in Region 7 (Cuyuni/Mazaruni); Parika, in Region 3 (Essequibo Islands/West Demerara) and Charity in Region 2 (Pomeroon/Supenaam), to intensify the enforcement of Customs and Tax laws, both on land and at sea.
Additionally, the minister stated that action towards the digitisation of deeds conveyance records will continue throughout 2014, with the intention of significantly increasing the availability of deed certificates, whilst promoting a considerable reduction in the amount of time taken to complete them.
He recalled that 2013 had been a year of continued intensifying work to enhance the economy, which has seen the creation of new jobs, the expansion of exports and the injection of increased investment into the economy.
He said the involvement of stakeholders was crucial to business sector development, as consultations were conducted between Government and representatives of various industries, as well as workshops conducted by the National Competitiveness Council to discuss the challenges involved.
This was a continuous process building on the consultations from the 2011 National Competitiveness Summit and the National Economic Forum, held in August 2013, which saw discussions among stakeholders with recommendations aimed at further improving Guyana’s business environment.

Essential element
Minister Singh pointed out, too, that the launching of the Credit Info Bureau (CIB) in September 2013, was and continues to be an essential element in ensuring that credit information is readily available to facilitate prompt lending decisions.
He said this body marks a significant milestone in the development of the financial sector.
The minister reported that the GRA reviewed the Revenue Integrated Processing System (TRIPS), which saw enhancements identified to improve technological capacity to facilitate time and costs reduction.
These measures, he said, were all set in place in lieu of the GRA reaffirming its commitment to delivering high quality services.
In addition, the minister said there was technical capacity building of the staff of the Competition and Consumer Affairs Commission (CCAC), which is tasked to overlook issues relating to consumer protection and competition, forensic accounting and public procurement.
Similarly, public awareness campaigns, which included the observance of World Consumer Rights Day, were conducted with the objective of inaugurating Guyana’s Competition and Fair Trading Act (2006) as well as the Consumer Affairs Act (2011).
The Finance Minister indicated that the Government continues to strive towards creating a robust environment in which the business sector can strive and achieve sustained growth.

(By Derwayne Wills)