President Dr Irfaan Ali has announced that nine billion dollars in VAT refunds from the GRA will be injected into the economy this year, on the back of massive investments made to stimulate investments across multiple sectors.
The Guyana Manufacturing and Service Association recently hosted their 27th Annual Awards Presentation Ceremony & Dinner.
Speaking at the event, President Irfaan Ali announced the Guyana Revenue Authority will inject nine billion dollars into the economy by the end of 2022.
“The commissioner general at GRA has assured me that by the end of this year they will process every single VAT refund. The tax refund by GRA so far this year is 2.6 billion dollars.”
President Ali went on to praise significant investments made by local and foreign companies.
“In fiscal incentives alone to the local manufacturers and the local private sector, we have been able to give 80 billion dollars in the last two years.”
The Head of State highlighted efforts undertaken over recent years, particularly during the covid-19 pandemic, to stimulate investments across multiple sectors so companies could remain profitable.
He noted that the government relinquished some $21 billion with the removal of fuel tax and $5 billion in removal of freight charges.
Interventions were also made in some specific sectors to ensure activities in these sectors would remain profitable.