Saturday, April 1, 2023
Village Voice News
ADVERTISEMENT
  • Home
  • News
  • Sports
  • Editorial
  • Letters
  • Global
  • Columns
    • Eye On Guyana
    • Hindsight
    • Lincoln Lewis Speaks
    • Future Notes
    • Blackout
    • From The Desk of Roysdale Forde SC
    • Diplomatic Speak
    • Mark’s Take
    • In the village
    • Mind Your Business
    • Bad & Bold
    • The Voice of Labour
    • The Herbal Section
    • Politics 101 with Dr. David Hinds
    • Talking Dollars & Making Sense
    • Book Review 
  • Education & Technology
  • E-Paper
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Sports
  • Editorial
  • Letters
  • Global
  • Columns
    • Eye On Guyana
    • Hindsight
    • Lincoln Lewis Speaks
    • Future Notes
    • Blackout
    • From The Desk of Roysdale Forde SC
    • Diplomatic Speak
    • Mark’s Take
    • In the village
    • Mind Your Business
    • Bad & Bold
    • The Voice of Labour
    • The Herbal Section
    • Politics 101 with Dr. David Hinds
    • Talking Dollars & Making Sense
    • Book Review 
  • Education & Technology
  • E-Paper
  • Contact Us
No Result
View All Result
Village Voice News
No Result
View All Result
Home News

GMSA commends Govt efforts on Budget 2023

Admin by Admin
January 18, 2023
in News
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Support Village Voice News With a Donation of Your Choice.

Release. The Guyana Manufacturing and Services Association (GMSA) commends the provision of Budget 2023 by the Government of Guyana, themed “Improving lives today, building prosperity for tomorrow“. The proposed fiscal and other related measures aimed at striking a balance between Guyana’s current and future needs are lauded as progressive and visionary by the Association in harnessing Guyana’s true potential to attain unprecedented growth.

The GMSA is pleased with the Government’s strategic measures that forecast diversified economic activities while grappling with concurrent challenges that continue to threaten global economic stability. A Government that effectively harnesses the resources of the country to gain adequate revenues for sustainable growth and development must be commended. The utilization of revenues from the first Carbon Credit sale in the amount of $31.3 billion, in conjunction with the transfer of Guyana’s oil profits in the amount of $208.9 billion from the Natural Resource Fund (NRF), without imposing new taxes is evidence that Budget 2023 is people-centered and pro-developmental.

READ ALSO

Body of Rosehall Estate worker fished out of Canje River

Guyana participated in 2nd stage of School Feeding Course for Caribbean

A transformational budget requires that the Government play a concerted role in the investment and rehabilitation of key private-sector industries. The GMSA attests that the Government’s inclusion of the Association’s recommendations which were submitted to the Hon. Dr. Ashni Singh, Senior Minister within the Office of the President with Responsibility for Finance at a stakeholder consultation held last year, assured of the intention to work collaboratively with the private sector. The following specific measures are key to advancing growth within the manufacturing and services sectors in particular: –

  • $2 Billion in Agri Development which includes the establishment of a regional food hub with cold storage, manufacturing, and processing capabilities.
  • $300 Million in Rice development which includes the provisioning of two new drying floors in Regions 3 and 5.
  • $150 Million in soya bean cultivation with the construction of a wharf in the Tacama area to further push Guyana’s targets of food security within the region.
  • New facilities in Crabwood Creek and Orealla as well as new cold storage in Bartica. The acquisition of two new refrigerated trucks to support the transportation of agro products.
  • $584.2 Million allocated to Small Business Support.
  • Removal of the 14 percent VAT with respect to the sale of residential properties, which will also further reduce the cost of home ownership.
  • $1.5 billion for the construction of a new laboratory for the Guyana National Bureau of Standards (GNBS) which will allow them to provide adequate, accurate, and timely services.
  • $43.3 billion to facilitate the construction of the integrated natural gas liquids plant and the 300 MW combined cycle gas turbine power plant within the Wales Development Zone and associated facilities. This project will directly cut emissions by 70 percent as well as trigger a series of major economic development initiatives in Guyana as energy costs.
  • Increase in the monthly income tax threshold from $75,000 to $85,000 monthly, releasing a total of $3.3 billion into the hands of taxpayers and removing 12,000 taxpayers from the tax net.

The measures above represent the move towards Guyana building on the trajectory which the Government is placing on the transformation of our economy. Though these efforts signal the thrust, which is needed to drive our economy, the GMSA is still hopeful for other additional measures to be extended to benefit the manufacturing sector. The direct reduction in the cost of electricity as well as a reduction and removal of taxes on support services to manufacturing will greatly impact the sector, drive production and increase the GDP of our economy.

Advertisement

The GMSA remains open and committed to working with the Government in addressing and improving priority areas to aid Guyana’s development, while strengthening and diversifying the non-oil industries.



Support Village Voice News With a Donation of Your Choice



ShareTweetSendShareSend

Related Posts

Nohar Singh
News

Body of Rosehall Estate worker fished out of Canje River

by Admin
April 1, 2023

The body of a Rosehall Estate worker was Friday morning fished out of the Canje River. The man has since...

Read more
News

Guyana participated in 2nd stage of School Feeding Course for Caribbean

by Admin
April 1, 2023

Promoted by the school feeding project of the Brazil-FAO International Cooperation, the delegation participated in dialogues, field visits and concluded...

Read more
Shadow Attorney General and Minister of Legal Affairs Roysdale Forde S.C, MP
News

Senior Counsel Forde says Justice Persaud’s ruling on Slowe’s suspension significant

by Admin
April 1, 2023

On 24th March, High Court Judge Gino Persaud ruled President Irfaan Ali violated the Constitution of Guyana when he suspended retired...

Read more
Next Post
Bulgaria Post English Photo

The richest 1% of people amassed almost two-thirds of new wealth created in the last two years, Oxfam says

EDITOR'S PICK

Embattled Chairman of the GPSCCU Management Committee, Trevor Benn

‘Let the members decide’ 

May 8, 2022

BCGI mines must be made operational and workers allowed to work

February 7, 2021

Condemnation grows over slaying of Henry boys

September 7, 2020

COVID deaths, hospitalisation soar 

September 5, 2021

© 2022 Village Voice | Developed by Ink Creative Agency

No Result
View All Result
  • Home
  • News
  • Sports
  • Editorial
  • Letters
  • Global
  • Columns
    • Eye On Guyana
    • Hindsight
    • Lincoln Lewis Speaks
    • Future Notes
    • Blackout
    • From The Desk of Roysdale Forde SC
    • Diplomatic Speak
    • Mark’s Take
    • In the village
    • Mind Your Business
    • Bad & Bold
    • The Voice of Labour
    • The Herbal Section
    • Politics 101 with Dr. David Hinds
    • Talking Dollars & Making Sense
    • Book Review 
  • Education & Technology
  • E-Paper
  • Contact Us

© 2022 Village Voice | Developed by Ink Creative Agency