propaganda press! freedom in Guyana

plunderers of the world unite. what else can be expected from these bandits? that they rape, pillage and strangle the last drop of life out of the people is just business as they know best.
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AS part of Government’s ongoing engagement with the private sector, Minister of Finance Dr. Ashni Singh met members of the Private Sector Commission (PSC) on Wednesday last. At that meeting, Minister Singh and the Commission discussed a number of matters of shared interest, including the 2007 Mid-Year Report on the Economy, and the updated outlook for the remainder of the year.

During these discussions, and in a press release issued after the meeting, the Commission rejected calls for the reduction of the 16 percent Value Added Tax (VAT) rate, and urged instead that Government use the surplus revenue to start the process of reforming the remainder of the tax system, especially income and corporate taxes. The Commission also expressed satisfaction with the level of growth observed in the economy this year, and shared recommendations to sustain and stimulate further growth.

In this regard, the meeting noted that detailed studies are soon to be undertaken within the framework of the National Competitiveness Strategy to which the PSC is committed.

In addition to these matters, the meeting discussed the impact of global factors on prices in the domestic and in regional markets. [everything wrong in Guyana has it's origins on the global market. get it?!] It was pointed out that price increases are not only affecting Guyana, and other countries in the Caribbean Region are grappling with this issue. Heads of Government of the Caribbean Community (CARICOM) met in Guyana on December 7 to discuss this issue, when several measures were agreed upon as a means of containing price increases in the Region. The Heads convened for the 12th Special Meeting of Heads of Government to discuss escalating food prices and trade.

The factors influencing food prices include persistently high and rising prices in the global economy that are impacting negatively on the open economies of countries within the Region. [ever thought of producing your own food? food for thought]These factors are fuelled by unprecedented high and rising oil prices; climate change, which has disrupted food supplies from the main producer countries that have suffered droughts and other natural disasters; increasing demand by some emerging economies as a result of massive urbanisation and industrialisation; the shift in agricultural production from food to bio fuels; increased cost in ocean freight resulting from higher oil prices; and more recently the depreciation of the US dollar.

With the escalation of fuel prices on the international market, Government has been steadily reducing the excise tax to ensure that consumers do not pay huge increases for commodities. Government adjusted the excise tax on gasoline and diesel from the standard rate of 50 percent to 17 percent and 10 percent respectively.

In addition, Minister Singh has in the past emphasised that Government has zero-rated, for the purpose of VAT, a number of basic goods and services, including basic food items which attract no VAT. Some of the zero-rated items are:- plain bread made with white or whole wheat flour, tennis rolls, raw white or brown rice, raw brown sugar, cooking oil, cow’s milk and milk powder, cooking salt, fresh fruits, but not including apples, grapes, dates, prunes, peaches, plums and strawberries, fresh vegetables, including onions, garlic, potatoes but not including olives, carrots, radishes, broccoli and cauliflower, dried split-peas, uncooked fresh, chilled or frozen chicken, locally produced uncooked fresh, chilled or frozen pork, beef, shrimp, mutton, fish and salted fish, but not including canned products.

Minister Singh, highlighting the price increase situation in relation to the commodities which have attracted the increases, pointed out that there are a number of other commodities which are zero-rated and which have attracted price increases.

During the meeting with Minister Singh, the PSC also called for increased efforts in the monitoring of VAT to ensure compliance with the VAT and Excise tax systems, and for stronger emphasis to be placed on the curbing of smuggling, especially along Guyana’s borders.

Meanwhile, the PSC committed itself to working closely with the Government in this regard, and to do its part to build the trust and confidence which are necessary for an effective partnership. (GINA)