Chairman of the Guyana Revenue Authority (GRA) Rawle Lucas says the system of granting tax concessions will be reviewed and he believes that granting incentives to large foreign companies as opposed to local firms, would be more beneficial to the country.
“We do feel that our system of concessions needs to be reviewed because we are not sure that it is receiving the desired outcomes,” Lucas told Stabroek News in a recent interview. He said while there has been much criticism of the granting of huge tax incentives to large foreign companies, it is needed to entice those investors who in turn bring in capital and help to develop the country.
In the past, Lucas said, the enforcement of contractual stipulations has been lax and more stringent measures are being put in place. He emphasised that after foreign companies are awarded concessions, it is the duty
