Private Sector lauds 2022 Budget

- Commends tax reduction on gas & diesel, implementation of Local Content

The Private Sector Commission says the tax reductions from 20% to 10% on Gasoline and Diesel will have positive effects on everyone including the private sector.

The Government on Wednesday proposed to the National Assembly in its 2022 National Budget, tax reduction on gas and diesel, to cushion the effects of the high cost of fuel.

Chairman of the Private Sector Commission Paul Cheong said this measure will ensure the average man benefits while at the same time allowing for more disposable income to be injected into the economy. He made these statements during a side interview with the Newsroom at the Arthur Chung Convention Centre.

Chairman of the Private Sector Commission Paul Cheong

“That will affect everyone is a positive way, because everyone in some way or form utilise petroleum products to either get to work or manufacturing”,

Mr. Cheong posited.

Mr. Cheong also said the 2022 budget is a ‘very good’ one since he is pleased that the government is implementing the recently enacted ‘Local Content Act’.

Meanwhile, Executive Director of the Georgetown Chamber of Commerce and Industry, (GCCI) Richard Rambarran said it is impressive that investments used from the Natural Resource Fund are geared towards the development of Guyanese skillset.

Executive Director of the Georgetown Chamber of Commerce & Industry Richard Rambarran

Rambarran noted that the tax reductions on gas and diesel will have positive effects on the economy.

“That one in particular is one that is very important because if you understand the nature of fuel and fuel consumption, how it helps to spur economic activity, it is essentially used in all sectors."

he said.