Dr. Balwant Singh Hospital welcomes Government’s budget incentives
− 25 % Corporate Tax removal opens door for other services.
The Dr. Balwant Singh Hospital Inc. has welcomed Government’s announcement of 25 percent removal of Corporate Tax on Health and VAT on Medical Supplies.
Speaking with the Department of Public Information (DPI) on Friday, Administrator of the hospital, Ms. Ivorine De Franca, thanked the government for its considerations.
“Congratulations to Dr. Irfaan Ali and his government for these new measures” she stated.
Ms. De Franca explained that after the previous APNU+AFC Government in 2017 implemented measures which included VAT on hospital consumables and equipment, including dialysis supplies, this increased operating costs because VAT was no longer refundable, however, the hospital chose to absorb the cost from profits, ensuring that consumers did not feel the burden.
She said the new measures announced in last Wednesday’s budget will make services at the hospital even more reasonably priced.
“The removal of this VAT will definitely make services more affordable to patients across Guyana and help us maintain current staffing and jobs in spite of COVID-19,” she said.
As a result of the announced measures, over time, the hospital hopes to also reintroduce cardiac surgery, expand IVF services (advanced fertility care) and procurement of modernized medical equipment such as dermatology lasers and lab equipment with its extra revenue.
“Corporation tax will be fully reinvested in the hospital expansion of services and quality control along with training of our staff, including certification to ISO,” De Franca stated.
She added that the Dr. Balwant Singh Hospital family remains dedicated to the private healthcare system of Guyana and takes pride in being the first and only hospital in the country certified by ISO 9001:20:15.
Editor’s note: The International Organization for Standardization (ISO), is an international standard-setting body composed of representatives from various national standards organizations. The standard is used by organizations to demonstrate their ability to consistently provide products and services that meet customer and regulatory requirements and to demonstrate continuous improvement.