Guyana’s budgeting initiatives for 2022: The reduction of VAT charged on imported commodities extended to Dec. 31, 2022

Guyana’s budget for year 2022 was announced by the Ministry of Finance  on January 26, 2022. It is worth noting that the budget for year  2022 is the first budget to financially benefit from Guyana’s new and rising oil industry. 

A number of initiatives were announced in the address, including: 

• Remove the excise duty and value-added tax (VAT) on the importation of new motor vehicles (less than four years old) used for the transportation of goods
• Remove the 14% VAT on cranes, safety, and oil spill response equipment
• Remove the 14% VAT on importation of new haulers or similar vehicles for transporting containers and 10% excise tax on new double cab trucks under 2000cc 
• Reduce the excise duty on new double-cab pickups between 2000cc and 3000cc from 110% to 75% 
• Reduce the excise duty on gasoline and fuel from 20% to 10% 
• Extending the reduction of import tariffs, excise taxes, and value-added tax (VAT) paid on imported commodities until 31 December 2022. 

Source: finance.gov.gy

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