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

Pic: Shutterstock

Textiles | On 8th Aug 2020

Pandemic causes trade decline, dips commodity prices: IMF

Current account surpluses and deficits narrowed modestly in 2019, and ...

Pic: Shutterstock

Textiles | On 8th Aug 2020

Pak ministry working to get textile policy cleared by ECC

Pakistan's commerce ministry is busy trying to get the Textile Policy ...

Pic: Hermès International

Fashion | On 8th Aug 2020

Hermes Int H1 FY20: revenues €2,488 mn; net profit €335 mn

Hermes International SA, a French high fashion luxury goods...

Interviews View All

Sunil Kumar Sharma, Loknayak JPNSSSG Ltd

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Top executives, Textile Industry

Top executives
Textile Industry

We will move away from mass production to production in micro-factories

Abhishek Ganguly, Puma India

Abhishek Ganguly
Puma India

‘As a brand, Puma is always looking for new and innovative ways to inspire ...

Abhishek Ralli,

Abhishek Ralli

Guide group is a government recognised manufacturing house engaged in the...

Carolin Russ,

Carolin Russ

Weko, Weitmann & Konrad GmbH & Co KG, based in south Germany, is...

Nick Isles,

Nick Isles

The Condé Nast College of Fashion & Design or CNC as it is known as,...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Marcel Alberts, Eurofibers

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Niti Singhal, Twee In One

Niti Singhal
Twee In One

Best known for convertible clothing, Indian brand Twee In One by designer...

Sidharth Sinha, Sidharth Sinha

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Karan Arora, Karan Arora

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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

Leave your Comments


July 2020

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


Advanced Search