Budget 2022: Creating a more enabling environment for business, trade

By Staff Reporter
| February 1, 2022

By Staff Reporter
- February 1, 2022

Extending reduction of import duties, excise taxes, and value added tax (VAT) charged on imported items to December 31, 2022

Lowering excise tax rate on gasoline and diesel from 20 per cent to 10 per cent

Hosting monthly farmers’ markets at locations to be specified in East Berbice, East Coast Demerara, Georgetown, East Bank Demerara, and West Coast Demerara

Removing 10 per cent excise tax and 14 per cent VAT charged on the importation of motor trucks, less than four years old, of any tonnage for the transport of goods

Reducing excise tax from 110 per cent to 75 per cent for new double cab pickups between 2,000 and 3,000 cc

* Removing 14 per cent VAT on cranes, safety equipment, and oil spill response equipment
* Removing 14 per cent VAT on importation of new haulers or similar vehicles for pulling containers and removing 10 per cent excise tax for new double cab pickups below 2,000 cc

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