— for surpassing their gold declarations in first quarter of 2017

THE Guyana Gold and Diamond Miners Association (GGDMA) has congratulated small and medium-scale miners for surpassing their gold declarations in the first quarter of 2017, as compared to the same period in 2016.

“All miners should be commended for continuing to play their crucial role in bolstering Guyana’s economy in this time of reduced investment and economic slowdown. The gold-mining sector continues to be the only shining beacon in our economy, without which the country would truly be in a dismal state,” the GGDMA said in a release.

However, the body claimed that while the gold and diamond-mining sector is recognised by Government for its importance in bolstering the country’s economy, many of the needs of the small and medium-scale operators continue to be ignored by the powers that be.

This, the GGDMA said, has brought a lot of unease to the minds of miners in recent times, pointing out that miners are hardworking, risk-taking individuals, whose contributions have proven vital to the growth and development of Guyana.

It has noted that despite the execution of agreements since December last year with the Government to allow tax-compliant miners to benefit from certain welcomed concessions on fuel and materials utilised in the sector, none of these benefits have been realised by any miner to the best of the association’s knowledge.

The GGDMA contends that this is mainly as a result of bureaucratic bottle-necks experienced at the level of GGMC and other agencies.

“Given that approximately over four months have elapsed since this agreement was executed and less than eight months remain on the life of the agreement, these delays prompt us to ask: Does the Government of Guyana truly want small and medium-scale miners to benefit from these concessions, or was this agreement executed for media propaganda purposes? We truly hope that this is not the case and wait to be proven wrong.

“Also, despite our efforts to educate miners on the new tax regime and their obligations to GRA, we do not believe that the majority of small and medium-scale operators truly grasp what we are now faced with as regards record-keeping, remittances of the higher tributor’s tax, filing of returns in 2018, etc. We believe that many miners are operating in a ‘business-as-usual’ fashion and they will not feel the brunt of their ill-advised activities until they have to make up their books and file tax returns come 2018.”

In light of the foregoing, the GGDMA is advising all small and medium-scale miners to immediately seek advice from a reputable accounting firm, so that they put their affairs in order to be fully compliant with the new tax regulations.