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Price hikes will be passed on to businesses, customers – MPPrice hikes will be passed on to businesses, customers – MP

first_imgChanges to exchange rates by GRAThe Guyana Revenue Authority (GRA) has issued a notice announcing the a further dip of the Guyana currency versus the United States (US) dollar; which will see increases being borne by businesses when paying customs duties.According to a notice taking effect from May 1, GY$208.05 is to be exchanged for US$1. In the case of the British currency, GY$287.19 is to be exchanged for £1. The changes have not gone unnoticed.Concerns have already been expressed by some that this change will have an adverse impact on business. According to former Minister within the Finance Ministry and Opposition Member of Parliament (MP) Juan Edghill, the increase will likely be passed down to consumers.“If the GRA put out an exchange rate that is higher than before, it means that when they’re calculating the value of an item, for instance if they’re calculating the duties and the taxes at the new rate, you will end up paying more,” he explained, during an interview on Tuesday.“If you pay more, the business person will have to pass that cost on to the consumer. So, the consumer would end up paying more. And that is the exchange rate that would be used for the currency in the acquisition of fuel, all other commodities. That will be official in all matters of taxation.” According to Edghill, it was therefore important for the GRA to issue its notice, as this will be its new modus operandi. The former Minister within the Finance Ministry noted that this latest development is an indication of what is taking place on the market. “That rate is fixed and driven by what is taking place; the demand, as well as the availability. The dollar has to be backed by some commodity, in our case its gold. The movement of the rate is determined by what is taking place in the market. And once that rate goes up, prices will go up.”Foreign currencyFollowing last year’s reported crisis regarding the availability of foreign currency in the local market, the Bank of Guyana (BoG) Governor, Dr Gobind Ganga had stated last month that the bank now has over US$75 million in foreign currency.“Currently, we have almost US$75 million of excess supply of foreign currency in the market with commercial banks, and we are hoping that this excess supply will drag the rates down further than where it is. So, it is not in shortage; there is excess supply of 75 million or more US dollars in the market,” Dr Ganga had asserted. While both the Central Bank and the Government had maintained that there was no foreign currency crisis, several commercial banks and cambio dealers had insisted otherwise, jacking up the exchange rate for US dollars.In fact, business owners had also complained about the apparent foreign currency shortage, saying that they were unable to readily make overseas payments by draft or wire transfer for products and services from overseas. Even citizens had borne the backlash of the crisis by paying high exchange rates.Government, through the Central Bank, issued a circular to cambios and the local banking sector informing them of the regulated rates for foreign currency trade. According to the circular seen by Guyana Times, non-bank cambios must reduce the spread between the buying and selling rates on foreign currency transactions to no more than GY$3. During his 2018 Budget presentation back in November, Finance Minister Winston Jordan had said that the Bank of Guyana’s exchange rate for the Guyana Dollar to the US Dollar is expected to remain stable at $206.5 throughout this year, while adding that the US Dollar had appreciated by 1.6 per cent against the Guyanese dollar.last_img read more


first_imgDonegal County Council has revealed that a huge increase in the percentage of dogs being re-homed from its Dog Shelter has jumped significantly from 43% in 2011 to 76% in 2014.County Vet, Charles Kealey stated that in 2014, 632 dogs passed through the Donegal County Council Dog Shelter. Of these 383 were seized by the Wardens and 249 were handed over. 45 were reclaimed by their owners, 9 were re-homed directly by the Shelter and 427 were transferred to Dog welfare groups (animal charities) and 150 were put to sleep.“We are delighted with the increase in the number of dogs rehomed and this is testament to the great work done by the staff in the Dog Shelter as well as the co-operation that we have received from local and national dog welfare organisations” he said.Dogs enter the Dog Shelter either because they have been handed over by a member of the public who can no longer keep them or because the Dog Warden has seized them following complaints made by members of the public. “People may no longer be able to keep their dog for a number of reasons such as old age, illness, moving home etc.“Responsible dog owners will leave their dog into the shelter if they cannot find a suitable home for it.“This prevents the dog from becoming a nuisance and also means the dog will not be exposed to the welfare problems associated with straying.“Stray dogs are liable to encounter a number of welfare problems including malnutrition, disease, injury through traffic accidents and fighting or abusive treatment”.“Dogs are seized when members of the public make complaints about dogs causing a nuisance.“Such complaints include straying, biting, fouling, aggressive behaviour sheep worrying etc. On these occasions the dog warden visits the area in question and removes any stray dogs,” said Mr Kealey. All dogs must have a dog licence. Donegal County Council issued 7,931 dog licences in 2014.  Individual dog licences last for one year from the date of issue and cost €20.00.Dog licences can be purchased at any post office or online at donegalcoco.ie.Dog owners can buy a ‘Lifetime of Dog’ licence. This is valid for the dog’s lifetime and costs €140. A “General Dog Licence” (which costs €400) is a licence allowing a person to keep an unspecified number of dogs at one designated premises and is valid for one year from the date of issue.The dog shelter is situated at Glencar, Letterkenny and is open Monday to Saturday inclusive from 10.30 am until 1.30 pm. The Dog Wardens can be contacted on (074) 9125159.COUNCIL REVEAL HUGE INCREASE IN DOGS BEING RE-HOMED IN DONEGAL was last modified: May 29th, 2015 by Mark ForkerShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Featuresnewslast_img read more