The Private Sector Commission (PSC) says it has been involved with the drafting of this year’s national budget. This is according to the PSC’s Chairman Paul Cheong.
During his new year message, the Chairman said that as Guyana’s economy catapults within the next several years, the need for a vibrant and strong private sector is paramount in meeting the demands of an emerging economy.
Consequently, the PSC Chairman said, through its members, the commission has been engaging in a number of consultations for which several budgetary measures were drafted for the National Budget 2023.
“These measures are designed to bring relief to businesses and Guyanese, directly or indirectly. As His Excellency, Dr. Irfaan Ali pointed out ‘we need to be in the race against time, in time’,” The Chairman said.
Cheong said the private sector needs to keep abreast with a booming and changing economy.
“Indeed, we have made strides in building capacity, but I want to encourage the local private sector to continue in this direction – only then, will we gain the strength to compete,” Cheong said.
He noted that the Commission’s members prepared a list of budgetary measures for the Minister of Finance, Dr. Ashni Singh ahead of the presentation of the National 2023 Budget in the National Assembly.
Cheong said PSC proposed to the current administration, an increase in the Income Tax threshold and revised percentages in calculating Income Tax.
“We believe that these measures will further increase the disposable income of all Guyanese. In aggregate, when disposable income increases, households have more money to either save or spend, which naturally leads to a growth in consumption and investments,” the Chairman said.