As the Guyanese government prepares to unveil Budget 2024, the private sector is expressing optimism and anticipation for provisions favoring small and medium-sized businesses (SMEs) as well as potential tax relief.
President of the Guyana Manufacturing and Services Association (GMSA), Ramsay Ali, discussed these expectations during an episode of “Outlook: Budget 2024.”
Ali highlighted the importance of supporting businesses at various stages, from start-ups to those already exporting goods.
He emphasized the need for measures such as assistance in participating in overseas trade fairs to showcase local businesses.
One of the key areas of interest for the private sector is tax relief.
Ali noted that discussions with the government have taken place, and feedback has been received.
The GMSA has submitted a list of requests aimed at fostering the strategic development of SMEs.
Financial analyst Joel Bhagwandin underscored the significance of strong fiscal policies for sustainable economic growth and citizen development.
He suggested that maintaining a budget allocation ratio of 70% to capital projects and 30% to social services is crucial for the country’s future growth.
Guyana’s budget for the preceding year, 2023, reached 781.9 billion dollars, marking the largest budget in the nation’s history.
Expectations are high that Budget 2024 will surpass the previous year’s figures, reflecting the country’s ongoing economic development.
As the private sector eagerly awaits the budget announcement, there is a shared hope that the fiscal package will provide the necessary support and incentives for the continued growth and success of businesses across various sectors.
[Josiah Williams, NCN News]