–as Minister Singh tables Fiscal Enactment Amendment Bill in National Assembly

THE Fiscal Enactment Amendment Bill No. 2 of 2022 was, on Thursday, presented to the National Assembly by Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh.

This Bill seeks to give legislative effect to the commitments made by the government to the mining community during a meeting at the Arthur Chung Conference Centre at the end of May last, and will allow for relief for miners through a number of measures to be implemented by the government.

Vice-President Dr. Bharrat Jagdeo had met with the Guyana Gold and Diamond Miners Association (GGDMA), following which the government announced a number of measures that would be taken to provide relief for miners as well as in fulfillment of the People’s Progressive Party/Civic’s (PPP/C’s) promises to miners as outlined in its manifesto.

The measures included the reduction of final tax from a maximum of 3.5 per cent to 2.5 per cent which would result in an estimated $1.4 billion being returned to the mining industry, and the removal of the 10 per cent Tributors’ Tax that would benefit thousands of workers in the industry, with $300 million expected to be returned to those who were paying this tax.

Further, Minister Singh also presented Value-Added Tax (No.3) Order 2022, which was Gazetted earlier in July, removing Value Added Tax (VAT) on lubricating oil, a key input in not only the mining industry, but almost all the productive sectors.

In total, all measures, once implemented would see a total of $1.9 billion returned to the industry.
Also tabled, was the Value-Added Tax (No.2) Order 2022, which removed VAT on cement, cement board and sheet rock, in line with government’s vision for providing relief to citizens as well as to support the housing drive.