Effective August 1, 2021, Guyana by statute reduced freight charges to pre-pandemic levels (March 31, 2020) in the calculation of customs duties, excise taxes, and input VAT on goods imported.
This facility however expires on January 31, 2022. This was occasioned by marked increase in shipping costs from some countries, moving from an average of US$2,500 to as much as US$15,000 per 20-foot container & from US$3,500 to over US$20,000 for a 40-foot container. The facility will relinquish revenues of $4.8 billion over the 6- month period. The Relief will only apply if the actual freight charges paid is higher than the pre-pandemic rate. (NG)
Extract from the CARICOM BUSINESS Newsletter Vol 4 No 32
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