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| Manufacturing companies which were faced with the enforcement of import duties on raw materials from out of the region and which had appeared on the list of ineligible items have good news.They will no longer have to pay the duties. They were granted suspensions through the CARICOM Secretariat.According to the Guyana Manufacturing and Services Association (GMSA), they were first made aware of the enforcement regulation last April by the Guyana Revenue Authority (GRA).The list of ineligible items was developed in the late 70s early 80s and was designed to protect the CARICOM region. Many of the items were available in the region at that time and as such attracted import duties if they were imported.The list of ineligible items is enshrined in the tax laws of Guyana and is also part of The Revised Treaty of Chaguaramas.GMSA said that it is “pleased to be informed by its membership that with the necessary support from the Ministry of Foreign Affairs, and the CARICOM Secretariat, their application for the suspension of the import duties on the raw materials had been successful.”The companies identified to benefit were Twins Manufacturing Chemists; Edward B. Beharry & Company Limited; Sterling Products Limited, Umami and Toolsie Persaud Limited.Of the five companies that had applied, four of them were granted full suspension, while Sterling Products Ltd was granted full suspension for five of the six items they had applied for.“The single item rejected was Soya Bean Oil, based on an objection by Roberts Manufacturing in Barbados on the grounds that they are presently producing soya bean oil. This fulfills the short term goals as reported previously by the GMSA. The long term goal of the association is to work with the relevant agencies to have these ineligible items along with many others removed from the list since many of them are no longer available in the region.”Under CARICOM regulations,WBC Jerseys 2017, goods that are available in region but are being imported from out of the area, automatically attract a tariff.Over the years, there have been conflicts about whether a particular product can be considered coming from the region, once a certain percentage of its raw materials come from extra-regional sources.“The GMSA wishes to thank the relevant Ministers, Government agencies and the CARICOM Secretariat for their support in bringing relief to our manufacturers,” the statement said yesterday. |
