Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1698071746904.pdf (Guyana)
BILL No.

14 of 2008 Wednesday 23ut Julv.

2008 PARLIAMENT OFFICE Buildings, Public Georgetown, Guyana.

23rd July, 2008 The following information.

general Bill which will be introduced in the National Assembly is published for Clerk of the National Assembly.

S. E. Isaacs, GUYANA ,, BILL Np.

14 of 2008 FISCAL ENACTMENTS (AMENDMENT) BILL 2008 ARRANGEMENT OF SECTIONS SECTION I.

Short title.

2.

Insertion of new section 105 in the Income Tax Act.

3.
3.

Amendfuent of section 2 of the Inc�me Tax (In Aid oflndustry) Act.

ABILL Intituled AN ACT to amend the Income Tax Act and the Income Tax (In Aid of Industry)Act.

Enacted by the Parliament ofGuyana:- Short title.

Cap.

81:01 Cap.

81 :02 1.

This Act, which amends the Income Tax Act and the Income Tax (In Aid of Industry) (Amendment)Act2008.

Act, may be cited as the Fiscal Enactments lnsenion of new scc1ion I OS in the Income Tax Act.

Cap.

81:01 2.
Cap.

81:01 2.

The Income Tax Act is hereby amended by the insertion immediately I 04 of the following after section as section 105 • .. Power 10remi, tax.

may make regulations, subject to negative of the National 105.The Minister resolution wholly or in part of the tax payable persons on such in respect in accordance regulations."

with such conditions income, Assembly, to provide by any person of any year of assessment, for the remitting or category as may be specified of and in the 3.
Section amended as follows• 2 of the Income Tax (In Aid of Industry) Act is hereby Amendment or section 2 of the Income Tax (In Aid of lnduslry) Act.

Cap.

81:02 (a) by the substitution for subsection (1) of the following as subsection ( 1) - Cap.
81:01 Cap 81:03 "( 1) Notwithstanding anything Income Tax Act or the Corporation that the Minister with respect developmental the following may grant an exemption to income from new economic and risk-bearing nature circumstances to the contrary Tax Act, it is hereby activity of a and qualifying under any of contained provided tax from corporation in the - (a) the activity employment demonstrably creates regions • in any of the following new ( i)Region l: Barima/Waini; (ii)Region 7: Cuyuni/Mazaruni; ( iii) Region 8: Potaro/Siparuni; (iv) Region 9: Upper Takatu/Upper Essequibo; (v) Region 10: Upper Demerara/Upper Berbice; (vi)such other Regions may, by Order, subject resolution specify; of the National as the Minister to negative Assembly, (b)the activity demonstrably fields- any of the following creates new employment in (i) non-traditional agricultural and including aquaculture and development agro-processing, ofbio-fuels; production (ii) information and not including communications retail and distribution; technology, (iii) petroleum exploration, extraction and refining; (iv) mineral exploration, extraction and refining; (v) tourist facilities; (vi) value-added wood processing; (vii) textile production; (viii) bio-technolo gy; (ix) development pharmaceutical and the processing injectables; and manufacturing of produc�, chemical new compounds to produce of raw materials (x) infrastructural production of energy; sources the development, including using renewable of electricity (xi) such other fields as the Minister subject to negative resolution Assembly, specify."
may, by Order, of the National (b) by the substitution for subsection ( 1 A) of the following as subsection ( lA)- from tax granted "(lA) Any exemption for a period economic activity grant an exemption for a period five years, specified in subsection up to ten years: not exceeding under this section except that in the case of new shall be l(b) the Minister may Provided that, in the case of new economic specified exemption the Minister than ten years."
in paragraph for a period l(b)(x), longer may grant an ; activity ( c) by the deletion ofsubsection ( IB).

EXPLA.NATORY MEMORANDUM This Bill seeks to amend the Income Tax Act, Cap.

81 :0 I and the Income Tax (ln Aid of lndustry)Act, Cap.81:02.

Clause 2 seeks to amend the Income Tax Act so as to empower the Minister regulations conditions in the regulations.
for the purpose of income tax in accordance to make with to be specified of granting remission Clause 3 seeks to amend the Income Tax (In A id of Industry) amplify empowers shall be subject for tax holidays by Order, oft he resolution Regions tJ1e Minster and fields to specify Assembly.

new Regions tO negative eligible :'iational for cenain or fields.

Act so as to redefine and also The amendment periods.

However, such orders 1/ ·-· .. ilt - •! '

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