Vice-President Dr. Bharrat Jagdeo has indicated that the Ministry of Finance and the Guyana Revenue Authority (GRA) would give the directive on what will qualify under the new policy of the government to remove Value Added Tax (VAT) and Duty on sport equipment.
These measures are part of the G$4.6 billion allocation for sport in Budget 2024.
The Vice-President was questioned on what is considered sport equipment, given the example of motorsport and their ‘main equipment’ being a vehicle.
“So clearly, I don’t think it is vehicles,” Jagdeo clarified at his weekly press briefing on Thursday.
“GRA submitted a list to the Ministry of Finance [and] they can probably give it to you.”
Jagdeo indicated that based on feedback from the sport fraternity, it was highlighted that “basic stuff, balls and even stuff like that they have a VAT on it, and we realised that would not support what we are trying to do.”
Click to read more: Policy 20 – VAT on Sports Gear and Sports Equipment
In late December, President Ali hinted that the government would put mechanisms in place to foster the sector’s further development, hoping to propel Guyana as the premier destination for entertainment and sport tourism in the region.
