Exemptions for remigrants to eliminate abuse of system – Min. Jordan
DPI, Guyana, Tuesday, November 27, 2018
Minister of Finance, Winston Jordan has introduced a number of measures to the current remigrant system that will ensure compliance and minimise the abuse of the process.
Among the 2019 propositions, the setting up of a system of credits up to a limit of $5M for vehicles imported by a remigrant. According to the Finance Minister, with this system, a remigrant will be able to bring in as many vehicles as he/she wishes.
“For example, suppose a remigrant brings in three vehicles, with an assessed value of $20M. Then, the remigrant will be credited with a tax-free allowance up to a value of $5M, and would be required to pay all applicable taxes on the balance of $15M,” he explained to the National Assembly on Monday.
The Finance Minister is also seeking the removal of the 6-month overseas ownership, which he noted will allow remigrants the option of purchasing the vehicle locally, within six months of his/her arrival.
Minister Jordan said this would be “advantageous” to the remigrant who has lived in a country where driving is on the right, as opposed to Guyana, where it is on the left. He has also recommended that returning students, who have completed at least three years of continuous study, be eligible for remigrant status.
He said the granting of remigrant status will continue to be determined by the Department of Citizenship and Immigration.
Image: Keno George