The Georgetown Mayor and City Council is reminding foreign companies seeking to operate in the city of their “obligation” to ensure rates and taxes are honoured. Those monies are used by the Georgetown based council for its works within the city. In a memorandum issued by the Mayor Ubraj Narine to “all embassies and diplomatic corps”, titled “Caution for foreign investors/companies,” the Mayor is advising those entities that all properties that operate within the city are legally bound to pay rates and taxes as set out by the Laws of Guyana, Chapter 28:01.
Just recently several agreements have been inked with the Guyana Office of Investment for the development of four chain-branded hotels. Some of these are expected to be located at Turkeyen on the lower East Coast of Demerara, McDoom on the east Bank corridor and Sheriff Street in the city. Mayor Narine in the memorandum is asking that these consulates “advise and guide” these companies who are interested in setting up businesses in the city. The document also lists as the responsibility of the investors, to ensure that their local counterparts have honoured their tax .obligations before inking these business arrangements.
In this memorandum, the Mayor cited that he described as “delinquent” property owners who “have not paid any taxes for decades,” forcing the council to take legal action to recover millions of dollars owed. The Mayor singled out the government for what he said is their failure to honour their obligation to the town council as he accused the government to encouraging businesses to do the same. $8 billion is owned for residential and commercial properties while the government owes the council close to $1 billion in rates and taxes for properties in the city.