–pensioners, persons with disabilities also voice their approval

THE Georgetown Chamber of Commerce and Industry (GCCI) has said it’s pleased with the proposed 2019 Budget which was presented by Minister of Finance, Winston Jordan in the National Assembly on Monday.
Budget 2019, which was presented under the theme “Transforming the Economy, Empowering People, Building Sustainable Communities for the Good Life”, is the fifth to date for the coalition A Partnership for National Unity and Alliance for Change (APNU/AFC) Government.

Stakeholders such as the GCCI believe that the $300.7B budget has encapsulated almost everything that was discussed during the budget consultation process.
“I am happy that our areas which we told the minister about have been taken into consideration, specifically the reduction in taxes regarding the aviation industry, pesticides and limestone,” said GCCI Executive Director, Richard Rambarran when asked to comment.
He said that the government has also placed emphasis on infrastructural development projects, as per discussion prior to the presentation of the budget.

The government has allocated $38.5B to the expansion and maintenance of infrastructure, principally in light of the emergence of oil and gas, as well as the expansion and diversification of non-petroleum assets.
“I am particularly happy about plans for farm-to-market access roads and such… And government also made reference to some of those things we explicitly asked for,” Rambarran said, adding that despite the high points in the budget, there are still some disappointments.

A MAJOR CONCERN
One of the major concerns for the GCCI, he said, is that nothing was done to alleviate the cost of fuel.
He not only contends that fuel has been “eating away” at the private sector’s ability to invest, but that high fuel prices have also caused major problems for public enterprises.
He, however, feels that one way of remedying the situation is for the government to consider reducing the excise tax on fuel.

But in spite of the foregoing and a few other shortfalls, the government came in for high praise for being able to “marry” their monetary and fiscal policies to stimulate growth of the economy.
Head of the Department of Economics at the University of Guyana, Sydney Armstrong said the government has used money supply as a measure to drive economic growth, essentially lowering interest rates to get higher levels of investment.

The supply of money and quasi-money, Armstrong said, is expected to increase by 5.3 per cent at the end of 2018, while the amount of money in the economy is anticipated to grow to approximately $386.5B, with all monetary aggregates projected to expand in 2018.
“This is stimulating aggregate demand and growing the economy; this is a measure, in addition to their fiscal policy, which is geared towards growing the economy,” Armstrong said, adding that the overall budget was good.

RAISING TAX THRESHOLD
In addition to the overall fiscal and monetary policies, he commended the government for raising the income tax threshold to $65,000, and placing emphasis on provisions for persons living with disabilities.
With a view of ameliorating the difficulties faced by persons with disabilities, the government has proposed to exempt from Excise Duty and Value Added Tax (VAT) vehicles for use by persons with disabilities or vehicles that will be converted for their use.
Such vehicles must be able either to be driven by the disabled person, or designed for such a person.

The government also proposes to examine the feasibility of granting a tax rebate on handsets with accessibility features for persons living with disabilities, so as to allow those who suffer from visual and hearing impairments to use a smartphone.
Said Cion Rollox, who is visually impaired,
“I welcome these things in the budget; there are a lot of good things in terms of programmes for us, but I believe instead of reducing tax on smartphones, they should have provided us with the smartphones. But I will accept it.”

Rollox also welcomed the $1,000 increase in public assistance, though he believes it could have been a bit more.
The older folks also have something to be grateful for, especially since the old age pension has been increased from $19,500 to $20,500.

Pansy Ashton, a pensioner, said the money is enough to cover such expenses as food and bills, but she is hoping for something more in the next budget.
“I feel good; pension guh up since de government come in. And I know it gone guh up mo’ next time,” she said.
Her colleague, Mr. Green (only name given) said that pensioners now have a livable pension, which will increase as time goes by.