By Kiana WilburgA country’s fiscal make-up is nothing simple. It’s an intricate web of government expenditures, taxation, and debt. It must all stay firmly together with strong policies lest it be destroyed by global economic conditions, among other factors.The fiscal position of the country, as one would imagine, is of immense importance. It determines Government’s next political and social moves. In essence it’s the position of the country’s spending and borrowing power, and it can determine whether the prices on the market skyrocket or plummet; whether the public servants will receive a sizeable increase or if the country will advance in its overall infrastructural portfolio over a specific period.Looking back some 10 years ago,Discount NFL Jerseys, one would observe from the statistics available that Guyana’s fiscal position has apparently demonstrated encouraging development. The former regime might contend that this was all possible through its prudent fiscal management abilities.Taking a closer look at some of the statistics available by Central Bank and the Ministry of Finance, under the People’s Progressive Party/Civic (PPP/C) it shows that Guyana’s fiscal performance in the non-financial public sector improved in 2009,Cheap NFL Jerseys China, with an overall deficit of $13.5 billion or 5.3 percent of gross domestic product. This was a significant reduction from the 7.6 percent in 2008.Revenues in 2009 amounted to $94.9 billion, an increase of 15 percent over 2008, as a result of improved performance of both the tax and non-tax revenue categories.The Guyana Revenue Authority (GRA), which is also accounts for government’s spending power,China NFL Jerseys, contributed $89.1 billion in 2009, representing a 93.9 percent of total revenue.Government was pleased with the fact that internal revenue collections increased by 6.3 percent to $36.7 billion, underlying which was a 24 percent increase in income tax payments by self-employed persons and a 19.9 percent increase in corporation tax payments by public sector companies.In 2009, Corporation tax payments by private sector companies and income tax under the pay-as-you-earn system increased more moderately at 5 and 4.3 percent, respectively. Taxes on customs and trade grew by 2.8 percent to $7.7 billion,NFL Jerseys 2018, attributed primarily to increased levels of imports of consumption goods.Excise taxes amounted to $21.4 billion, while excise taxes on motor vehicles increased by 25.4 percent to $7.3 billion reflecting higher levels of vehicle importation, returns from the computerization of the motor vehicle registration process,Wholesale Jerseys 2017, and increased surveillance activities. Additionally, as a result of the restoration of the excise tax on fuel and notwithstanding its subsequent lowering, additional revenues of $6.5 billion were collected.This commendable performance was also notable in the following year, as the fiscal deficit of the non-financial public sector was contained to $18.2 billion or 4 percent of the Gross Domestic Product, notwithstanding scaled-up investment in physical and social infrastructure. This was reflective of Government’s continued prudent management of the public finances.Central Government revenue in 2010 amounted to $108 billion, 13.8 percent over 2009, as a result of enhanced collections across both tax and non-tax revenue categories. Tax revenue increased by 13.3 percent and accounted for 93.6 percent or $100.9 billion of total current revenue collections, while non-tax revenue collections increased by 19.1 percent to $6.9 billion.Internal revenue collections amounted to $43.3 billion or 18 percent more than the 2009 level. This was largely on account of continued robust performance by the private sector,China Jersyes Cheap, with corporation tax and income tax from the self-employed increasing by 21.5 percent and 16.9 percent respectively, to $17 billion and $2.4 billion, on account of higher reported profits.Income tax generated from the pay-as-you-earn (PAYE) system surpassed 2009 collections by 15.8 percent, as all sectors of employers remitted higher levels of PAYE, and as the number of employers remitting taxes also increased.Withholding taxes increased by 16.5 percent or $470.6 million due to increased collections from gold miners. Customs and trade taxes amounted to $9.2 billion, representing a 20.1 percent increase over 2009, mainly due to a 21.5 percent increase in import duties bringing collections to $8.3 billion, driven by all categories of imports.Total value added tax (VAT) and excise tax collections increased somewhat more moderately by 8.2 percent to $48.3

We’re not sitting idly by – Agri. MinisterGuyana is facing a major threat to its rice market in the European Union (EU),Wholesale China Jerseys, with a possible cut in earnings, following a proposal at the World Trade Organization (WTO).If it comes through, this would be a major blow to local rice farmers and stakeholders in Guyana, who are looking to capitalize on high prices on the world market,China Jerseys, according to the Ministry of Foreign Trade.?Guyana enjoyed duty-free quota-free access to the EU rice market, with that group of countries being the nation’s largest importer of rice. Guyana enjoyed a preferential market.In a statement yesterday by the Ministry of Foreign Trade and International Cooperation, which outlined this latest threat, it was explained that the WTO proposal could result in the EU having to reduce its third country (MFN) tariff for rice in the current Doha round.“The preferential access that has just been secured and even improved through the recent Economic Partnership Agreement (EPA) would then be of much less value for Guyana,” the ministry said yesterday.With food shortages threatening the world and many producers planting their crops for bio-fuels, rice price has hit the highs and abandoned lands has now become valuable.According to the ministry, the proposal in the WTO would result in the rice being treated as “tropical product”.“The treatment of tropical products would result in even higher tariff reductions for rice — up to 85 per cent — than for most other agricultural products, and would thereby seriously erode the preferential margin that Guyana has in the EU market,” the ministry warned.Guyana’s Minister of Foreign Trade and International Cooperation, Dr Henry Jeffrey, at the recently concluded meeting of the 87th Session of the African/Caribbean/Pacific (ACP) Council of Minister in Addis Ababa,Cheap NFL Jerseys China, Ethiopia, earlier this month,China Jerseys Cheap, has brought up the matter.The minister “called on the ACP to urgently ensure that the specific interests of Guyana and Suriname regarding preference erosion of rice exports to the EU will not be left unnoticed by the majority of the WTO membership,” according to the statement.Guyana and Suriname are the only ACP countries with significant rice exports to the EU.The statement spells a damning indictment on the efforts of local farmers and other stakeholders who have been pushing for increased production in light of the higher food prices of especially rice.“Such a steep reduction in the tariff for third countries could substantially reduce the price that Guyanese rice exporters receive in the EU market. Estimates are that the price could go down by as much as US$100 per tonne. Guyana’s capacity to compete against other exporters –which often heavily subsidize their rice production — would be constrained significantly,” the ministry warned.This proposal would also undo the benefits of the EPA and make it more difficult for Guyana to start exporting milled rice, for which Guyana will soon enjoy duty-free and quota-free access through the EPA, and profits from a substantial preferential margin, compared to other exporters, such as the US.According to the ministry, the ACP Council of Ministers, in a resolution adopted from the meeting,Wholesale Basketball Jerseys, agreed to address this and other issues in consultations within the next few weeks in Geneva.Dr Jeffrey has since engaged his Surinamese counterpart and written to the European Trade Commissioner, Peter Mandelson, on the matter.“The ministry continues to collaborate with all stakeholders,Cheap Jerseys From China, including the Guyana Rice Development Board, Caribbean Regional Negotiating Machinery and the Guyana Embassy in Brussels, to garner support.Meanwhile, Minister of Agriculture Robert Persaud, last evening, said that while it is just a proposal, Guyana is not sitting idly by as there is a strong feeling about the issue.Rice should not be treated as a “tropical product,” since it is a highly sensitive issue, especially with what is happening on the world market.”He echoed Minister Jeffrey’s reassurance that Guyana will be working closely with its counterparts, and noted that Guyana is paying close attention on the world stage of the happenings, and it was this alertness that picked up on the proposal.