Local economist Rawle Lucas, has debunked claims made by the PPP/C that Guyana has run into an overdraft by the Coalition. According to Lucas the views about the data are not consistent with an objective interpretation.
“If one were to look back at the first term of the Jagdeo administration (2001-2005), one would see that the economy contracted on several occasions and the best growth rate of the Jagdeo first term was below the lowest growth rate of the Granger administration.”
Lucas noted that it was under the PPP/C that the accounts went way below its current value. However, he stated that Guyana can benefit from the present values. Persons with “sober heads” would realize that the extra money would end up in the hands of private banks which could use it to make loans or otherwise advance its business interests.
“Clearly, such negative balances have the potential of bringing benefits to the private sector as well through the intermediation process.”
Further, Lucas noted the tax collection of the Coalition is in excess of $200 billion more in taxes than what was collected by the PPP/C from around the time that it left office.
“What the PPP/C alarmists are not telling Guyanese is that in contrast to the tax giveaways of the PPP/C that averaged between G$150-200 Billion, the Coalition was more judicious in the granting of tax concessions, with the result that more taxes and not fewer taxes were collected.”
One notable approach by the coalition to ensure taxpayers honour amounts due was the nine-month amnesty programme in 2018. This programme saw almost 15,000 taxpayers approaching to honour close to $10 billion of their tax obligations. Most of which were owed by persons who did not pay their taxes during the years of the PPP/C said Lucas.
“These are people and businesses who saw fairness in the application of the tax laws under the Granger administration and probably felt that they no longer needed to evade taxes just to stay in business or make ends meet. In addition to income tax, people and companies paid their fair share of capital gains and property taxes.”
According to Lucas, none of the critics can prove that the Guyana economy is incapable of sustaining the lives of its people as the economy grew for five consecutive years under the Coalition administration.
“Yet, the propagandists of the PPP/C are stifling their conscience about the good handling of the economy under the Granger administration which could have only come from sound economic management.”
Local economist Rawle Lucas has debunked claims made by the PPP/C that Guyana has run into an overdraft by the Coalition. According to Lucas the views about the data are not consistent with an objective interpretation.
“If one were to look back at the first term of the Jagdeo administration (2001-2005), one would see that the economy contracted on several occasions and the best growth rate of the Jagdeo first term was below the lowest growth rate of the Granger administration.”
Lucas stated that Guyana can benefit from the present values. Persons with “sober heads” would realize that the extra money would end up in the hands of private banks which could use it to make loans or otherwise advance its business interests.
“Clearly, such negative balances have the potential of bringing benefits to the private sector as well through the intermediation process.”
Further, Lucas noted the tax collection of the Coalition is in excess of $200 billion more in taxes than what was collected by the PPP/C from around the time that it left office.
“What the PPP/C alarmists are not telling Guyanese is that in contrast to the tax giveaways of the PPP/C that averaged between G$150-200 Billion, the Coalition was more judicious in the granting of tax concessions, with the result that more taxes and not fewer taxes were collected.”
One notable approach by the coalition to ensure taxpayers honour amounts due was the nine-month amnesty programme in 2018. This programme saw almost 15,000 taxpayers approaching to honour close to $10 billion of their tax obligations. Most of which were owed by persons who did not pay their taxes during the years of the PPP/C said Lucas.
“These are people and businesses who saw fairness in the application of the tax laws under the Granger administration and probably felt that they no longer needed to evade taxes just to stay in business or make ends meet. In addition to income tax, people and companies paid their fair share of capital gains and property taxes.”
According to Lucas, none of the critics can prove that the Guyana economy is incapable of sustaining the lives of its people as the economy grew for five consecutive years under the Coalition administration.
“Yet, the propagandists of the PPP/C are stifling their conscience about the good handling of the economy under the Granger administration which could have only come from sound economic management.”
