A US$100M expansion plan for the Pegasus Hotel was last evening launched with Minister of Business Dominic Gaskin in agreement with proprietor Robert Badal that taxes levied on start-up investors are too stiff.
“I hope my friend Corlette is listening. How can you tax a business that’s not yet off the ground? It is not a good policy to tax what does not exist or what is being built.” Badal said as he addressed a cocktail in the Savannah Suite of his Pegasus Hotel where he launched the expansion project and where Guyana Revenue Authority’s Head of Project Coordination, Fitzroy Corlette stood.
“History will tell us that we cannot tax ourselves into prosperity…a project needs to be nurtured and strengthened until it becomes profitable and generates free cash flows, not being laden with taxes”, he added.
Moments later, Gaskin
