Survey finds…
THE 2010 Business Outlook Survey, done by the accounting firm Ram and McRae, indicates that acceleration of tax reform tops the wish list of priorities for Government actions.

Other priorities on the business community listing include calls for efforts by the present Administration to address corruption, crime, tax evasion, reduction of interest rates, enhanced governance, curb the migration of skilled personnel, control inflation and expand export incentives.

For the annual study, began in 1995, 59 entities, with operations in all 10 Administrative Regions of Guyana, were contacted.

The work was done electronically, using specialised web-based software, which also facilitated the analysis of responses to a questionnaire with 36 questions.

The wish list was agreed after the respondents were asked to select from 14 issues they would like to see addressed by Government.

According to the surveying firm, the answers were given with regards to the specific circumstances of the businesses’ operations.

A statement from Ram and McRae noted that lowering direct and indirect taxes, which has been the two highest ranked issues for several years, was replaced this year by accelerated tax reform.

In an invited comment, Chairman of the Private Sector Commission (PSC), Mr. Gerry Gouveia said his organisation is disappointed that tax reform was not addressed entirely in 2009.

“Tax reform is a big item on the Private Sector Commission’s agenda. We know a draft paper was done for income tax reform. We read the paper and we are not necessarily in agreement with it and happy with it. There needed to be much more consultation on it but work will continue on its development,” he said.

Gouveia said the Ministry of Finance acquiesced to having consultants from the Inter-American Development Bank (IDB), who worked on the initial draft, return to further consult with the PSC in 2010.

“Tax reform is on the top of our wish list,” Gouveia reiterated.

But he added that the Private Sector, generally, is encouraged by what has been done.