Budget 2019 has ‘extremely positive’ measures for the private sector – Dookhoo

DPI, Guyana, Thursday, December 6, 2018

Budget 2019 contains good social and private sector measures, veteran private sector personality Ramesh Dookhoo said.

In an interview with the Department of Public Information (DPI) today, Dookhoo commended the government for presenting a budget with “extremely positive measures”, especially for the private sector.

Dookhoo noted measures such as the reduction of income and corporate tax rates to 25 percent was a “good measure” that will encourage small business to grow and be successful.

“Personally, I never believed that in 2019 we would have seen a corporate tax rate for manufacturers. I must commend the Minister [of Finance, Winston Jordan] for putting pedal to the metal,” Dookhoo said.

Budget 2019 also introduced a further reduction of non-commercial and manufacturing rate to 25 percent. Dookhoo said this measure is a demonstration of its seriousness to promote value-added production.

He said the continued measures to reduce taxes is a relief to local companies and serves as an incentive for international companies seeking to work in Guyana.

“What it means for the manufacturing sector is that persons who are involved in manufacturing would have more money to plough back into their businesses, retool, recaptilise and even open new manufacturing businesses in Guyana,” Dookhoo noted.

With these measures, Dookhoo said, the forecast for business in 2019 looks positive.

“I see a successful year. I think the government has to look at their own spending. Government spending is still the largest facet of how good we do economically so government needs to play their part and ensure they implement the capital as well as a recurring expenditure that they have committed to in this budget.”

Dookhoo also called on the government to put forward a concrete plan for sustainable energy for the private sector to be more competitive.

Budget 2019 was presented on November 26 by Minister of Finance Winston Jordan in the National Assembly. The $300.7Billion budget is the largest one to date and is intended to transform the economy, empower people and build sustainable communities for the good life.

Tiffny Rhodius.

Image: Geovanni Gajie.