Tax relief on health sector to reduce costs, drive investment
Minister of Health, Hon. Dr. Frank Anthony is confident that the removal of corporate tax and value-added tax (VAT) on private health institutions and medical supplies will bring relief to citizens.
The Minister made these statements on Saturday’s “Budget 2020: Our Plan to Prosperity” programme, which aired on the National Communications Network (NCN).
Speaking on the rollback of the corporate tax, Minister Anthony said, “This measure is about giving people choices and also to make it affordable for persons to access healthcare.”
This, he said, coupled with a reduction in the cost of accessing healthcare, will accelerate the expansion of the health sector.
“Monies that would have otherwise gone into taxes, they [the private healthcare providers] can now reinvest that money into their healthcare services,” Dr. Anthony said.
Concerning the reversal of VAT on medical supplies, Dr. Anthony said this had been a longstanding priority for the new administration since it was in the Parliamentary Opposition.
“We had a very robust debate about it. We were hoping that they [APNU+AFC] would have removed it because this measure has actually placed a lot of burden on the average Guyanese,” the Minister said.
Dr. Anthony reiterated that he was confident that the new tax measure would have a positive impact once swiftly implemented. “By removing this [tax], we feel that we will bring relief to every single Guyanese,” he said.
Last Monday, His Excellency Dr. Mohamed Irfaan Ali announced sweeping budgetary measures to boost economic growth and allow Guyanese more disposable income.