–Highlights massive tax reversals, more attention placed on mining industry
PRESIDENT of the Guyana Gold and Diamond Miners Association (GGDMA) and prominent gold miner, Ronaldo Alphonso, has endorsed President Dr. Irfaan Ali for a second term, citing the massive transformation that has taken place since he took office.
In a statement on Saturday, Alphonso said that under President Ali’s leadership, the mining industry has witnessed a “transformative period of engagement and a government that has consistently delivered on its promises.”
According to Alphonso, he arrived at this decision having taken into account the improvement he has seen the sector undergo over the past five years. Alphonso noted that this endorsement “reflects my firm belief that the current administration has not only listened to the needs of the mining sector but has acted decisively to ensure its growth and prosperity.”
Alphonso also pointed out that the PPP/C administration has implemented a suite of policies that have directly and positively impacted every level of the mining industry, from the small-scale miner to larger operations. These measures have provided tangible benefits, reduced operational burdens, and spurred new investment, he noted.
He outlined the complete removal of Value Added Tax (VAT) and taxes on All-Terrain Vehicles (ATVs); the elimination of VAT on essential machinery, equipment, and lubricating oils and the removal of the burdensome excise tax on fuel, as some of the measures implemented to help the mining sector.
The GGDMA President also highlighted the abolishment of the police clearance requirement for miners to transport their own fuel, the elimination of the mandate to register and obtain road licences for mining equipment and the elimination of VAT on hinterland travel, reducing costs for the workforce.
The prominent miner also highlighted the significant reduction of the final tax, from a sliding scale with a maximum of 3.5 per cent to a flat 2.5 per cent, and the complete removal of the 10 per cent tributor’s tax, both of which have put more money back into the pockets of miners.
The establishment of a crucial Investment Development Agreement (IDA) between the government and gold miners was highlighted by Alphonso as he explained that this agreement allows miners producing over 200 ounces of gold annually to import a duty-free Double Cab Open Back Pickup, provided they are tax compliant. A further IDA has also been secured for other vehicles and essential spares.
“These actions speak louder than words. They represent a government that understands the vital contribution of the gold and diamond mining sector to Guyana’s economy and is committed to its sustainable development,” the GGDMA President said.
While there are still challenges to be addressed within the sector, Alphonso stated that the open-door policy and the collaborative spirit demonstrated by President Ali’s government give him great confidence.
“We have a partner in progress who is willing to listen and work with us to find solutions. Therefore, I wholeheartedly endorse President Irfaan Ali for a second term and look forward to continuing this productive partnership and building a brighter, more prosperous future for the mining sector and all of Guyana.”