THE executive of the Private Sector Commission (PSC) met on Wednesday with Minister of Finance, Winston Jordan to discuss the private sector’s proposals for the upcoming budget. According to a PSC media release, the discussion centred on a number of issues of concern to the private sector, such as infrastructure, energy, the environment and taxation, the sugar and rice industries, the economy and information and communication technology. In the case of the latter, the urgent need for liberalisation of the telecommunications sector was highlighted.

In the area of infrastructure, the release stated that the discussion centred on dredging of the Demerara harbour and the development of road links, including the Timehri/Georgetown/East Demerara link, the Linden/Lethem road and the East Bank Essequibo/Bartica Road. The Minister suggested that a team be put together through the Ministry of Business to examine the possibility of establishing a Public-Private Partnership for dredging of the harbour, according to the release.

The release said that the PSC also aired its views on the need for renewable energy, especially hydroelectricity and solar power. As regards the Amaila Falls project, the statement said that the Minister informed the Commission that Government does not intend to proceed with the project in its current form. The commission however urged that other renewable energy sources be given urgent consideration.

The solid waste problem, including problems with the Haags Bosch landfill project, were also ventilated and the commission recommended consideration of waste-to-energy systems, since Guyana now generates enough solid waste to make these feasible. The commission also recommended the establishment of a solid-waste management authority and the Minister suggested that private capital be mobilised for recycling facilities.

As regards taxation, the PSC reportedly recommended reform of the taxation system and the Minister informed the commission that the Government is on the verge of commissioning a tax study, which would be utilised, along with a study conducted by Duke University, to develop a comprehensive taxation system for the country. The commission also urged the Minister to consider a reduction in the rate of corporate taxation, since this could increase Government revenues.

The Minister also shared with the commission his Government’s intention to examine the Value Added Tax rate, with a view to its amendment, the release stated. Minister Jordan also shared the commission’s view that property taxes need to be revisited.

With regard to the economy, the release said that the PSC urged the Government to consider giving it a stimulus, since there has been a slow-down in business and the Minister gave his commitment to consider this proposal. The Minister also committed to ensuring stability of the currency through appropriate monetary policies.

Finally, the Finance Minister assured the PSC that its proposals would be given consideration in the formulation of either the 2015 or 2016 budget and said that Government’s current priority is the implementation of its 100-day plan, with an attendant focus on increasing pensions and salaries, the release concluded.