Georgetown : Chairman of the Private Sector Commission (PSC) Ronald Webster said there are key measures in the 2013 Budget that offer an incentive for young professionals to remain in Guyana.
Speaking on the National Communications Network’s “Budget at a Glance”, Webster said that by providing these incentives such as tax breaks on mortgage payments, young professionals are encouraged to remain in their country, and also their employers to invest more in staff development.
Webster highlighted the growing trend of public/ private partnerships, noting that, “The public side of it has far greater reach whereas the private sector part of it has strength in marketing, hands on management and expertise. You combine those two and you get some pretty fantastic results”. He listed some examples such as Ogle Airport expansion project, the Berbice River Bridge and proposed new Demerara Harbour Bridge. These partnerships, as he described them, have and will have in the future, positive impacts for the economy and society .
He described the private sector measures as a stimulus package which will go a far way to boost the nation’s economy.
Chairman of the PSC’s Sub- Committee on Governance and Security, Gerry Gouveia expressing his opinion, said this year’s budget was pleasing to the private sector. “We had been talking about the reduction of PAYE for a long time, we have been talking about tax reform”. He stated that high taxation has always been a deterrent to development so the revisions to the corporate taxes and other measures were welcomed.
Gouveia said that he was pleased that the budget addressed the issue of security, noting that, “a lot of money will be pumped into the sector” as “Internal security remains a serious challenge”.
He also welcomed the 25% increase in old age pension and said the need to incrementally increase the NIS contribution was understandable to ensure its viability.
The 2013 budget was also described as a “water shed one” that recognises the growing professional middle class, according to Chairman of the Private Sector Commission Sub- Committee on Trade and Investment Ramesh Dookhoo.
“We have been advocating for years with the finance minister that we need to recognise this emerging middle class, and reward them and we are very happy that this has been done”.
He noted that with less financial pressure on the middle class, even employers can be more flexible and competitive.
The move to increase social spending was also lauded. The increased economic growth, particularly over the past seven years in the midst of a world economic downturn, was described as a huge success for Guyana, especially since many other nations have not been as fortunate.
Dookhoo opined that issues of parliamentary uncertainty could be a deterrent to potential investments, and that the public in particular would like to see more constructive engagements to move the country forward.
You must be logged in to post a comment.