IN its continued thrust to build a ‘green’ economy, government has proposed a range of tax incentives for companies utilising alternate energy technologies; renewable energy options, such as gasifiers to use biomass; and harnessing renewable energy through wind, solar and water elements.
Among the measures are:
Change the Wear and Tear Schedule of the Income Tax Act to allow for the write off of capital expense within two years; and two, Waive import duties and VAT on new equipment.
These additional measures, which are effective from January 1, 2019, build on those announced in Budget 2017 and Budget 2018. In addition, hybrid and electric vehicles were exempted in Budget 2017, from the payment of Excise Tax. Government now proposes: To amend the Customs Act to include relief from customs duty for cars with a capacity equivalent to 2000 cc in Watts.
To amend Part III B(i) of the First Schedule to the Customs Act and Schedule Two of the VAT Act to exempt change-over kits and to waive the Excise Tax on all electric motor cycles.
If the vehicles are modified within two years of entering Guyana, to accommodate gasoline or diesel, the full duties and taxes would become payable.