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The concessions granted to the investors of the Sanata Textiles complex are according to law and in keeping with what is offered to any new project,Air Max 95 Black Leather, Government said yesterday.During a press conference at the studios of the National Communications Network (NCN) to clear the air over the Sanata deal, Head of the Guyana Office for Investment (Go-Invest), Geoffrey Da Silva, said that differences in concessions would vary from investment to investment, based on a few factors, including whether it is a pioneering project.Queens Atlantic Investment Inc. (QAII), the parent of the New Guyana Pharmaceutical Corporation (New GPC),Nike Air Max Tn Shoes For Men Sale, last year struck a deal with Government to breathe new life into the complex with a proposed US$30 million investment over a three-year period under an ambitious plan to employ over 600 persons.However, since the announcement of the privatization,Undefeated Air Max 97 Australia, several weeks ago,Nike Air Max 2018 Shoes, there have been several questions raised over the deal, including queries about the concessions granted.Yesterday, Da Silva said that a planned antibiotics plant and research facility at the complex has been granted a five-year tax holiday under the Fiscal Enactment Amendment Act. There is the possibility that another five years could be granted, based on performance.Another part of the investment, a textile operation which will produce dyed and printed denim fabrics, has also been granted a five-year tax holiday, and Government will be looking to “help” with the fuel costs, since this cost was one of the main factors that caused a Chinese investor to pull out.Under various regulations, including the VAT Act, the Excise Tax Act, Income Tax in Aid of Industry Act and the Investment Act, new investors have a right to concessions, Da Silva said.Concessions have also been granted on equipment and generator sets, raw materials and other inputs to be used, and all building materials for the rehabilitation and repairs to the complex. There have also been concessions for security equipment and vehicles that are required to be used in the manufacturing process.The Go-Invest head stressed that the concessions are applied to all new projects in a proportionate manner, depending on whether they are small,Nike Free Run Shoes On Sale, medium or large scale.Government has also granted a waiver on the withholding tax charged on the loan interest in light of the magnitude of the investments, the official disclosed.QAII, like any other investor, has the right to open a US dollar account and send its profits and capital abroad without any restriction.A printing press has also been granted duty-free concession, Da Silva admitted.All these have already been signed off in a Memorandum of Understanding between Government and QAII, Da Silva disclosed. According to the official, Go-Invest had approached several potential investments after published advertisements for investors proved futile.However, while interest was shown in parts of the complex, there were no investors who wanted all of it.Privatizing part of the complex would not have been feasible, the official stressed, since Government would have had to spend hundreds of millions of dollars to fix the rest of the infrastructure.The acceptance of QAII was not something done with a three to four-page proposal, Da Silva said. Rather, Government negotiated for four months. Currently, QAII is also looking at other ventures at the complex, which will bring additional employment to the 600-plus persons.Responding to questions about how much Government stood to lose as a result of the various concessions, Da Silva pointed out that the investors were entitled by law to many of the concessions,Cheap Adidas Superstar Shoes, and while the amount of concessions could add up to millions of dollars, the facts that 600 persons were being employed and Government was getting back in income taxes and rent were important.“Who is going to employ 600 persons?”