NEWS
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TUESDAY, SEPTEMBER 15, 2020 | GUYANATIMESGY.COM
BRIDGE OPENINGS OPENINGS BRIDGE
The Demerara Harbour Bridge will be closed to vehicular traffic on: Tuesday, September 15 – 03:00h – 04:30h and 14:30h – 16:00h and Wednesday, September 16 – 03:30h – 05:00h and 14:30h – 16:00h. The Berbice Bridge will be closed to vehicular traffic on: Tuesday, September 15 – 15:15h – 16:45h and Wednesday, September 16 – 15:55h – 17:25h.
AFC's Raphael Trotman lauds Govt for budget measures in mining sector
– but warns of "gold rush" causing environmental damage
FERRY SCHEDULE
Parika and Supenaam departure times - 05:00h, 11:00h and 16:00h daily
WEATHER TODAY Sunny intervals will prevail during the day. There will be cloudy skies at night. Temperatures should range between 22 degrees Celsius and 31 degrees Celsius. Winds: East South-Easterly to Easterly to East North-Easterly to North-Easterly to North North-Easterly to North North-Westerly to Westerly between 1.78 metres and 3.12 metres.
President Irfaan Ali
toring and regulating and for the environment. I would urge that these measures receive periodic reviews,” Trotman said. Making good on an issue it campaigned on and criticised the former APNU/ AFC Government for, the President Dr Irfaan Aliled Government had rolled back the imposition of Value Added Tax (VAT) and duties on mining equipment. President Ali himself had announced the measure at a press conference, ahead of last week’s presentation of the budget. In addi-
estry, agriculture and manufacturing. We have also decided on the granting of tax concessions on ATVs for mining, forestry, agriculture and manufacturing,” Ali had said. He added that this is another measure in the party’s manifesto, adding that it will bring immediate relief to the mining, forestry, agriculture and manufacturing sectors – all of which have been underperforming and all of which have been faced with tremendous difficulties under the previous Administration.
High Tide: 15:18h reaching a maximum height of 2.56 metres. Low Tide: 08:48h and 21:09h reaching minimum heights of 0.62 metre and 0.63 metre.
The measures include the removal of VAT and duties on mining equipment
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DAILY MILLIONS
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MONDAY, SEPTEMBER 14, 2020
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COMMODITIES Indicators
US$
Change %
Crude Oil
$39.61/barrel
-0.56
Rough Rice
$219.42/ton
+0.99
London Sugar
$357.20/ton
0
Live Spot Gold
USD Per Ounce
Bid/Ask
$1961.30
$1962.30
Low/High
$1939.40
$1964.20
+5.70
+0.29%
Change
pposition Member of Parliament (MP) and Former Natural Resources Minister (NRM) Raphael Trotman on Monday commended the Government for various measures in the 2020 budget aimed at revitalising the extractive industries sector. He was at the time kicking off the budget debates taking place at the Arthur Chung Conference Centre (ACCC). Trotman, who once oversaw the sector as Minister of Natural Resources under the former A Partnership for National Unity/Alliance For Change (APNU/AFC) Government, nevertheless sounded a note of caution. “I take a moment to commend some of the emergency measures introduced to assist the forestry and mining sectors in these difficult COVID-19 times,” Trotman said. “However, we must sound a note of caution. While we incentivise miners, we must be mindful of the environmental impact and Indigenous communities near to them.” Citing the high price for gold, Trotman expressed fear that the measures could spark a gold rush. He, therefore, cautioned the Government to do the necessary monitoring to avoid this from happening. “There is a moral hazard that is associated with these measures as gold is trending upwards of US$1900 per ounce, and is likely to go higher. Everyone will want to enter mining and this will exact a high cost for moni-
tion to the removal of VAT, Ali had announced that the Government will be granting tax concessions on AllTerrain Vehicles (ATVs) for persons who use them in the productive sectors. “The removal of VAT and duties on machinery and equipment, to allow for the recapitalisation of key sectors, including mining, for-
Opposition MP Raphael Trotman
President Ali noted that these measures will be a boost, particularly to the agriculture, mining and agriculture sectors. He pointed out that current estimates have the mining sector at a 65 per cent productive capacity, owing to many miners downing tools and parking their equipment due to poor rates of return. Public Works Minister Juan Edghill, who presented the $330 billion budget, had informed the house at the time that the measures for the extractive industries were arrived at after consultation with stakeholders. Meanwhile, the budget debates continue today.
