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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.

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