Guyana’s President, Dr. Irfaan Ali, disclosed on Saturday that the government has resolved to eliminate corporate income tax for commercial banks on income generated from providing loans to poultry farmers.
In a live broadcast, Dr. Ali detailed that the local commercial banks have consented to decrease their loan interest rates for the poultry industry from eight per cent to a more favorable five per cent.
This policy change is scheduled to commence on Monday.
The participating banks
Prominent banks, including Citizens Bank, Republic Bank, Demerara Bank, and the Guyana Bank for Trade and Industry (GBTI), have all agreed to implement this measure.
“All investments in the poultry sector will benefit from this… Reduced cost of financing will be available to the sector,” Ali said.
Further explaining the rationale, the president said this government initiative was a strategic effort to manage and reduce the input costs within the sector. The decision was made in the aftermath of comprehensive dialogues with poultry farmers.
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Ongoing efforts: Additional support measures for farmers
Dr. Ali also highlighted that this scheme is part of a series of other measures the government has set in motion to aid farmers.
These include developing farm-to-market roads, abolishing pertinent taxes, and encouraging the investments required to decrease essential inputs such as animal feed.
