Revocation of concessions will not be a “regular feature” – Business Minister

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By Jomo Paul

Minister of Business, Dominic Gaskin
Minister of Business, Dominic Gaskin

[www.inewsguyana.com] – Following reports that Presidential Advisor Clive Thomas would recommend the revocation of duty free concession offered to two logging companies – Bai Shan Lin and Vaitarna Holdings Incorporated – some concerns were raised about whether this would be a permanent feature of the APNU+AFC administration.

Guyana has an extensive natural resources sector with a vast majority of the larger companies working in these sectors coming from other countries. Foreign Investors are nothing new to Guyana and overtime it has become a custom for government to offer certain concessions and waivers in exchange for them setting up shop here.

However, surprisingly, last week reports surfaced that Presidential Advisor on Economics Clive Thomas would recommend that the concessions for two timber companies be revoked.

Concerns were subsequently raised as to whether this would be the go-to mechanism for the new government to rope in on delinquent investors. iNews spoke to Minister of Business, Dominic Gaskin who offered all assurances that this was not the case.

“I don’t see it as something that is going to be a regular feature,” said Gaskin.

The Business Minister also stated that henceforth, the government will employ different measures to determine what concessions to give. One of the tickers in the evaluation of companies would be what transparency mechanisms are in place.

“Going forward we will be ensuring that concessions are granted on transparent process that is fair and follows the existing laws governing concessions and other fiscal incentives,” said Gaskin.

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