Caribbean AgTech Investment Opportunities

GUYANA | INVESTMENT OPPORTUNITIES

Caribbean AgTech Investment Summit, 2021

Incentives/Concessions for the Agricultural Sector: The government has been working assiduously to provide support to the agriculture sector throughvariousbudgetarymeasures.InGuyana’s 2020 budget, the government removed the VAT (Value Added Tax) on key inputs for the poultry industry and reverted it to a zero-rated status, reversal of increases in land rents and drainage and irrigation charges and created incentives for the production of corn and soybeans, which are key feedstock inputs. Additional fiscal incentives offered for agricultural investments include: taxconcessions on Investment in agro-processing facilities, cold storage and packaging; waivers of Import Duty andVAT onagro-processingequipment; and tax- deductible allowances for expenditures incurred for development and cultivation purposes Further, in the 2021 budget the government noted that it will support investors by developing livestock traceability capacity to improve the accuracy and reliability of data, which is

fundamental to meeting food safety standards and farm certification and will help to promote exports. Lastly, in 2021 $500 million was invested in supportive infrastructure to catalyze private investment in the production of corn and soya. It is envisaged, that mega-farms will cultivate tens of thousands of hectares, benefiting from the economies of scale in modern grain production thereby leading to higher production and productivity. Meanwhile, small farmers will also be reoriented to modernize their agricultural practices. The Government will continue to provide budgetary support for adequate provision and maintenance of drainage and irrigation systems, farm-to-market roads, and extension services. For further information, please check out our websites:

https://bit.ly/3wuTkgt or https://bit.ly/3yRzCwX

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