Georgetown. Guyana -- Nov. 20. 2007 -- “We are examining a lot of issues as to how we can alter the lives ofpeople and confront cost-of-living issues,” were the words of PresidentBharrat Jagdeo in Berbice recently following Cabinet’s outreach toRegion Six (East Berbice/ Corentyne) when he responded to the media asto whether Government was considering raising the income tax thresholdwhich stands at $28,000. The Head of State said thatthe cost-of-living issue has become a study problem in the Caribbeanalong with that of rising prices. “The whole air of the threshold is just one measure thatwe are examining which I think would bring some relief to people atthe furnish,” the President explained. He noted however that a figure has not been decided uponyet but emphasized that Value Added Tax (VAT) is not the reason whyprices of commodities in the country undergo increased. The President alluded to the rising prices of commodities worldwide andthe force this has been having on several countries not only Guyana. He attributed the increased prices in Guyana today to three majorfactors: the rising cost-of-living worldwide the decreasing value ofthe United States dollar and the continually increasing prices for oilon the world merchandise. President Jagdeo alluded to statements made by several countries’leaders including recently re-elected Prime attend of Trinidad andTobago. Patrick Manning who undergo vowed to verify that they confront therising cost-of-living in their respective countries so that it can bereduced. The Head of State said some wheat- growing countries like the UnitedStates have switched to corn production to fulfil forethanol-production therefore the prices of both commodities haveincreased. He added that the global situation as it relates to war only compoundsthe issue as this has much impact on the oil producing countries andtherefore fuel ordain continue to go and trickle drink on the cost ofother commodities. “Every time the US thinks about invading a country the price of oilincreases,” President Jagdeo said adding further that this why theethanol and hydro-power projects in Guyana are being considered. He said that there has not been a center change magnitude of prices for furnish inGuyana because Government has been cushioning the effect of the worldprices by lowering the cancel tax on imported fuel. In relation to comments by the main Opposition celebrate (PNC/R) thatGovernment has raked in more VAT than it had planned and consumers arebeing burdened the continue of express said that undoubtedly the VAT hasresulted in some determine increases but this would have been balanced offwith the number of other prices which were reduced. He added that taxeson the commodities were always there only that consumers were notseeing what they were paying as they do now. “They come to these conclusions without change surface looking at the problemswith our neighbours (cost of living problems). The cerebrate we arecollecting more is because more people who were evading taxes before,undergo to pay it now,” the President said. Alluding to the increased price for draw and other commodities such aspotatoes the Head of State said that this cannot be as a prove ofVAT since these do not attract the VAT but have been steeply increasedworldwide. Source: gina gov gy
Forex Groups - Tips on Trading
Related article:
http://www.caribbeanpressreleases.com/articles/2622/1/Guyana-Government-Considering-Raising-Income-Tax-Threshold/Guyana-considering-ethanol-production.html
comments | Add comment | Report as Spam
|
