Guyana MOF Announces 2020 Budget Proposal

The Guyanese Ministry of Finance Sept. 9 announced the 2020 draft budget proposal. The draft budget includes measures that would: 1) abolish VAT on electricity and water consumption, construction materials, certain machinery and equipment, medical supplies, and vehicles used for mining, agriculture, or manufacturing; 2) reverse the 14 percent VAT on exports; 3) provide tax concessions for investments in agro-processing facilities, cold storage, and packaging; 4) provide tax relief for financial institutions; 5) eliminate the 25 percent corporate tax on private health facilities and educational institutions; 6) provide two weeks tax-free bonus for coronavirus pandemic frontline workers; and 7) increase ...