In an attempt to further stimulate the forest industry, the government has approved an increase on the Common External Tariff (CET) from five percent to 40 percent for a period of two years.
This announcement was made by the Minister of Finance, Winston Jordan in November’s budget presentation for 2018 following representation by industry stakeholders.
“Following strong representation at the recent meeting of the Council for Trade and Economic Development [COTED], an organ of Caricom, Guyana’s request for suspension to increase the Common External Tariff [CET] on Pinewood and Pinewood Products, from five percent to forty percent, has been approved,” Jordan said, while pointing out that the decision would take effect from January 1, 2018 and remain in place until December 31, 2019.
