Home / Knowledge / News / Textiles / QAII gets generous Govt aid for its textile & technology venture
QAII gets generous Govt aid for its textile & technology venture
21
May '08
Privatization unit called for a press conference recently where several tax holidays and concessions have been extended to Queens Atlantic Investment Inc (QAII) that aims to venture for five different projects at the Santa Textile complex.

Geoffrey Da Silva, Head of the Guyana Office for Investment (Go-Invest), emphasized that tax holidays and concessions fall under the Fiscal Enactments Amendment Act, Customs, Value Added Tax and Excise Tax, the Income Tax in Aid of Industry and the Investment Act.

Mr Da Silva affirmed that investors from India and China have also inked for a joint venture with QAII for this project.

The project, essentially involving biotechnology, is first ever in Guyana and is likely to benefit immensely from this generous Government aid of five year tax holiday. In fact, based on the performance of this venture, the authorities may even award another five year tax concession at the expiry of the first.

Textile venture which is also on the agenda of QAII, may get similar tax benefits. All of the projects have been granted a waiver of Customs duty, Excise Tax and VAT. In the meanwhile, the Government is also considering withdrawal of tax on the repayment of loans taken to finance the projects.

Concessions granted for the projects include provision for unlimited losses carried forward and the return of capital overseas. The investors are also allowed to open foreign currency bank accounts.

Mr Winston Brassington, Head of the Privatization Unit seemed overwhelmed by the assistance offered by the Government and stated that it got the best possible deal that could have been achieved – one that was not envisaged at the time the tender was put out.


Must ReadView All

Coats acquires yarn manufacturer Patrick Yarn Mill

Textiles | On 12th Dec 2017

Coats acquires yarn manufacturer Patrick Yarn Mill

Coats, the world’s leading industrial thread manufacturer, has...

India’s garment imports from Bangladesh up 56% post-GST

Apparel/Garments | On 12th Dec 2017

India’s garment imports from Bangladesh up 56% post-GST

India has imported $87.4 million worth of readymade garments from...

Courtesy: Badger Sportswear

Apparel/Garments | On 12th Dec 2017

Badger Sportswear acquires Alleson Athletic

Badger Sportswear, a leading manufacturer of athletic apparel and...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Mohammad Mamun Ar Rashid
UL VS Bangladesh Ltd

Productivity, creativity and innovation play a vital role in the growth of ...

Milind Khandwe
Hindoostan Innovation Centre

‘Modern technical textile is an indispensable tool for science and...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search