On Friday, the Finance Ministry’s Budget planning team, led by Minister of Finance, Winston Jordan and Commissioner of the Guyana Revenue Authority (GRA), Godfrey Statia met with the representatives of the Institute of Chartered Accountants of Guyana (ICAG) who were led by Colin Thompson.
Issues discussed included the taxation of commercial operations; application of Value Added Tax (VAT) rules to exporters; withholding tax on contractors’ payments; capital allowances on buildings for services and warehousing and employee share ownership plans.
Speaking on behalf of the ICAG, Ronald Alli said he was pleased with the extension of the Budget 2019 consultations given by the minister. He explained that the institute has been reviewing a number of issues arising primarily from the recent tax amendments, “which we have researched and discussed with our clients in the business community”.
The experienced accountant opined that there was an understanding of the issues raised since Minister Jordan and the GRA Commissioner General agreed to look at these matters, “and we look forward to seeing what amendments are proposed.” Alli added that the ICGA stands ready to work with the ministry.
Minister Jordan, in a brief comment, said despite the short notice, the meeting was actually a first with the ICGA. He described the consultations as “vigorous”, noting that for some issues “we made it clear what we could not do… but all in all, it was an excellent meeting”. The minister noted that his team will consider the proposals put forth by the accountants as preparations continue for Budget 2019 presentation before the National Assembly in November.
Other members of the ICGA team included Secretary, David Dharamraj, Chair of the Taxation Committee Harryram Parmesar and Member of the Taxation Committee, Saeed Rahaman.