It may not be widely known but miners do enjoy a lot of perks from the State, including incentives. They also enjoy tax breaks but some still do not make full declarations of gold and diamonds mined to the authorities. President Bharrat Jagdeo recently said he was told by persons in the sector that it is estimated that about 50 per cent of the gold mined is not declared to the Guyana Gold Board. Some insiders say there is extensive cross-border exporting of mineral resources. Given the abuse of incentives, the under-declaration and other violations, the government should mount a comprehensive review of the sector to try to plug the gaps and ensure more revenues flow to the nation, including through more realistic royalties and taxes.
The government should mount mining sector review
SHARE THIS ARTICLE :
Facebook
Twitter
WhatsApp