By Delicia Janneire | November 16, 2024
General Secretary of the People’s Progressive Party/Civic (PPP/C), Dr. Bharrat Jagdeo, has strongly criticized a recent decision by the Georgetown Mayor and City Council (M&CC) to grant a 25% tax waiver to One Communications, formerly GTT, for its Lot 69 Brickdam property.
The waiver exceeds the percentage allowed under city regulations.
Dr. Jagdeo expressed concern about the decision, emphasizing that large companies with significant assets and substantial revenue streams should not be exempted from paying their fair share of taxes.
He argued that such tax breaks undermine the financial stability of the City Council, which has consistently claimed to lack sufficient funds.
The General Secretary also highlighted the need for transparency and uniformity in the granting of tax waivers.
He stated that if tax exemptions are provided, they should be guided by a clear and equitable policy rather than private negotiations that could lead to corruption.
Local Government Minister Sonia Parag also voiced her disapproval of the tax waiver, aligning with Dr. Jagdeo’s position that exemptions should not favor large corporations, particularly foreign-owned entities.
The issue has sparked wider debate about the fiscal responsibilities of major companies and the governance practices of the M&CC.
Critics argue that such waivers could set a precedent, allowing other corporations to seek similar concessions, further straining the city’s financial resources.