The Private Sector Com-mission (PSC) yesterday expressed deep concern over the VAT-led increase in prices and pointed to suggestions to ease the problem but Com-missioner General of the Guyana Revenue Authority (GRA) Khurshid Sattaur says he is not prepared to support these including one to lower the 16% rate.
Speaking at a press conference yesterday, the Commis-sioner General said that he didn’t support the idea that Government should reduce the Value Added Tax (VAT) rate of 16 per cent and provide compensation for Consumption Tax for stock on hand. He said that these recommendations, among others, were unrealistic and impractical and wouldn’t be supported by him in any way.
“I am aware of some of the demands [from the Private Sector]. On stocks which have to be sold, our position is that we feel businesses who claim stock relief have not been preparing themselves for VAT, [having known of the changeover for some time],” he said.
“We’re seeing a strange manipulation of prices
