Five Guyanese manufacturing companies have been given the green light by the CARICOM Secretariat to import raw materials extra-regionally for their products without having to face penalties.
According to a statement from the Guyana Manufacturing and Services Association, the companies, were made aware of the enforcement regulation last April by the Guyana Revenue Authority.
The list of ineligible items was developed in the late1970’s early 1980’s 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 Chagaramas
The Guyana Manufacturing & Services Association GMSA, said it was pleased to be informed by its membership that with the necessary support from the Guyana Ministry of Foreign Affairs, and the CARICOM Secretariat, their application for the suspension of the import duties on the raw materials was successful.
The companies that have benefited from the waiver are Twins Manufacturing Chemists; Edward B. Beharry & Company Limited; Sterling Products Limited; Umami & Toolsie Persaud Limited.
Of the five (5) companies that had applied, four (4) of them were granted full suspension, while Sterling Products Ltd was granted full suspension for five (5) of the six (6) 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 ineligibles items along with many others removed from the list since many of them are no longer available in the region”, the Manufacturing Association said.