The Region Three Private Sector Inc (R3PSInc) has commended the Government and President, Dr. Irfaan Ali on the timely decision to reduce the adverse impact of increased freight costs on Customs Duties, Excise Taxes and Input VAT calculations, by reverting to pre-pandemic estimates.

Head of the organisation, Halim Khan, said the R3PSInc will work with all its members to ensure that all cost-saving measures are transferred to the relevant sectors under its purview and by extension, consumers.

He noted that the measures will not only help lessen the economic burdens on the general public but stimulate consumption and help local businesses to recover.

Khan noted that this adjustment to customs duties, excise taxes and input value-added tax (VAT) on goods imported would see the return of $4.8 billion to the pockets of consumers and the business community over the next six months.

“The R3PSInc anticipates and expresses its willingness to work with the Government of Guyana in ensuring fruitful bilateral relations for the significant social and economic advancements of all Guyanese,” Khan added.

Additionally, he said it is noteworthy to mention government has developed several measures and policies designed to enable the diversification of the economy as well as resuscitating the major productive sectors – such as the agriculture, infrastructure, and energy sectors to rapidly develop capacity for future undertakings.

Further, Khan said President Ali must be commended for his leadership, vision, and foresight in assisting all Guyanese in every way possible to enjoy the good life.

“The R3PSInc would like to urge importers to not behave in a deceitful manner by exploiting the measures designed to ease the burden on the Guyanese people,” he stated.