-after paying $21.4 billion in taxes last year
PRIVATE Sector companies paid $21.4 billion in taxes last year, Chairman of the by Private Sector Commission (PSC), Mr. Ramesh Dookhoo disclosed Thursday.
But, at the PSC’s 19th annual general meeting (AGM), where he made the disclosure on Thursday, he also called on the Guyana Revenue Authority (GRA) to be more of a trade facilitator than a regulator.
Speaking at the Pegasus Hotel, in Kingston, Georgetown, Dookhoo said the GRA reform process must be pursued and completed.
He said, in year 2000, for example, income taxes paid by companies amounted to $8.3 billion and, by fiscal year 2010, the amount had grown by 159 percent.
According to him, the growth and dominance of the Private Sector, on an improved playing field, is evidenced by the dramatic increase in income taxes paid by companies over the years.
“We (the Private Sector) have no doubt that this will continue but, at the moment, we have a huge problem,” Dookhoo said.
He said he met with GRA Commissioner General, Mr. Kurshid Sattuar, who sent him a letter promising early reforms in export trade procedures and a system of a recognised commercial operator that exists in other countries.
Dookhoo said there is now more work that has to be done to create the next level of reforms required to create a big push in private investments that would grow the economy at higher rates.
He said reforms related to competitiveness are a process that has started through the work of the National Competitiveness Strategy Unit (NSCU). However, the support of all stakeholders is a must if that is to gain momentum.
Dookhoo expressed confidence that, once that happens, the Private Sector will be able to meet the needs of job creation and further reduce poverty through more rapid growth of new industries.
“Our country is only as strong as the economic and social institutions that we possess,” he contended.
Dookhoo said the Private Sector is seeking a new enabling environment, one with an improved political climate, greater respect, dialogue and inclusiveness, all in the interests of pushing it and, by extension, Guyana, forward to higher levels of investment.