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By Kiana WilburgThe recent decline in economic activities is “deeply worrying” to the Private Sector Commission (PSC).  The body reflected yesterday on the immediate and impending effects of what appears to be a worsening situation.The Commission said that already,Fernando Rodney Jersey, some businesses have been forced to trim their staff size, while foreign and local business partners have been left with no other choice but to put some of their investments on hold.The state of affairs saw the Commission meeting with the business community on July 24,Marlon Humphrey Jersey, last, to discuss the perceived downtown in commerce recently. The discussion dealt with matters of employee retrenchment, to the sudden increase in crime, spending on Government projects, and matters related to how the clearing of goods and the processing of investment agreements are affecting them.The Commission said that business representatives mentioned that they have noticed a drop in consumer spending and expectations and noted that projects are being delayed and/or suspended due to the cessation of payments on some projects.The entity said that the business community is also concerned about the persistent “bottlenecks” when doing business with the Guyana Revenue Authority (GRA).The meeting between private sector representatives and members of the business community“It is the view of the business community that GRA needs to expand its taxpayers’ bracket and focus on those individuals who have been evading taxes for too long. To this end the Minister of Finance, Winston Jordan,Brad Richards Red Wings Jersey, was written to, and meetings were held with the top brass of the GRA and the PSC,” the Commission added via a missive to the media.The body also noted that it is concerned that the current situation can lead to a high level of non-performing loans. The PSC also expressed concern about the intended removal of over $60 billion in Government funds that are deposited at the Commercial Banks. It said, too, that there is an increased level of defaulting loans being recorded in some sectors of the economy.The PSC is of the opinion that once there is a decline in consumer expectations and spending, it can create drops in sales and profits. This development it said, would force businesses to put a hold on hiring and inevitably the retrenchment of employees.The PSC said that while it commends the actions taken by the Government and the Guyana Police Force in the solving of recent crimes, it believes that more should be done to prevent and detect crimes and restore the confidence in law enforcement.It said that there has been a call for stronger police presence in and around the city as businesses are concerned about their employees and customers being robbed in the streets and at their homes.The Commission said that it has also recognized that the economy has taken a downturn since 2014,Wholesale Authentic Jerseys, but the present administration has an opportunity to restore this confidence, by releasing a budget that would stimulate spending.  Additionally, it opined that the Government needs to ensure the efficiency of GRA and to restart spending through issuance of contracts, etc.The Commission had said that it urged the Finance Minister during a meeting on the 2015 budget, to consider a stimulus to boost the economy, since there has been a slow-down in business. The Minister had given his commitment to consider this proposal.  He also committed to ensuring stability of the currency through appropriate monetary policies.The discussions between the two also focused on a number of areas, such as the urgent need for liberalization of the telecommunications sector.In the area of infrastructure, attention was paid to dredging of the Demerara Harbour and the development of road links including the Timehri to Georgetown to East Demerara link, the Linden to Lethem road and the East Bank Essequibo to Bartica Road.The Finance Minister had suggested that a team be put together through the Ministry of Business and Investment to look at a Public-Private Partnership for the dredging of the Harbour.The PSC had also expressed its views on the need for renewable energy, especially hydroelectric and solar power projects, but Jordan made it clear that Government does not intend to proceed with the Amaila Falls project in its current form.The Commission nevertheless urged for the consideration of other renewable energy sources.With regard to the solid waste dilemma, including problems with the Haags Bosch landfill project, the Commission had recommended the consideration of waste to energy systems, since Guyana now generates enough solid waste to make these feasible. It had also recommended the establishment of a solid waste management authority.  The Finance Minister then suggested that private capital be mobilized for recycling facilities.Also coming into focus was reform of the taxation system. The Minister had informed the PSC that the Government is about to commission a tax study which would be utilized, along with a study conducted by Duke University,Wholesale Jerseys Free Shipping, to develop a comprehensive taxation system for the country.The Commission then urged the Minister to consider a reduction in the rate of corporate taxation,Cheap Sports Jerseys, since this could increase government revenues.Jordan had shared with the Commission his Government’s intention to examine the Value Added Tax rate with a view to its amendment.  He also shared the Commission’s view that property taxes need to be revisited.The Minister of Finance had assured the PSC that its proposals would be given consideration in the formulation of either the 2015 or 2016 budget. He had said that Government’s current priority is the implementation of its 100-day plan with a focus on increasing pensions and salaries.