Stabroek News, in an ongoing series of articles, continues to attack the Queens Atlantic Investment Inc (QAII) group of companies in what continues to be a clear attempt to discredit the company and its management and staff.
In the most recent article, “Queens Atlantic remains mum on job creation,” on February 24, 2013, Stabroek News reporter Johann Earle (formerly of Stabroek News, Guyana Times, Chronicle and now back at Stabroek News), makes sweeping assumptions about the “tax concessions” that QAII supposedly benefitted from .
“This is not the first time Stabroek News has raised this non-existent issue. And it is not by coincidence that, on the same day, columnist for the same newspaper, Christopher Ram also weighs in with his two cents via his Business Page,” said QAII Chairman Dr Ranjisinghi Ramroop.
“That individual’s obsession with QAII appears to know no bounds. He evidently finds it impossible not mention QAII in his utterances and does not seem to realise that he has been reduced to an obsessive corporate stalker. But he serves the interests of Stabroek News and is given access to their newspaper,” Dr. Ramroop declared.
The Stabroek News article implies that since QAII benefitted from “extraordinary tax concessions”, it is obligated to disclose all its business dealings to the public.
“QAII is a private company, but it is willing, and has always disclosed pertinent information to the authorities, and is willing to share these with the public. We would like to know exactly what these tax concessions are,” said Dr Ramroop.
Objective review
Even a casual observer would note the transformation of the Sanata Complex from the state which it was in 2007. That has been brought about by extraordinarily large investments. Many newspaper articles, including some authored by Earle, have shown the progress of investment and expansion.
Dr Ramroop said, to date, despite its substantial investments and the long payback period, QAII has not applied for or benefitted from any tax holidays or special tax privileges, further mentioning that this can be verified by the Guyana Revenue Authority (GRA).
With regard to the concessions on its capital construction, the QAII chairman said these are consistent with the fiscal regime and are available to all companies investing in specified areas of the economy.
“Again, all details are available at the GRA and QAII has no objections to that agency publishing same,” he said. “As a private company, we welcome such disclosure of tax concessions granted to all companies, since this would enable an objective review of tax concessions, jobs, and investment in Guyana.”
Dr Ramroop said Value Added Tax (VAT) waivers did not benefit the company.
“They would have been recovered for the government through the usual process and the duty-free on machinery facilitated under the current legislation as stated before. If provisions have indeed been made for tax holiday as has been also extensively claimed, they will be for the benefit of all qualifying taxpayers in Guyana when these are formalised. But these were not used by QAII,” the CEO explained.
Axe to grind
“All of the mud being thrown at QAII has very little, if anything, to do with the welfare of Guyana, and everything to do with Stabroek News’ private interests,” said Dr Ramroop.
“It is a well-known fact that one of the subsidiaries of QAII, Global Hardware, has pioneered the manufacture of Poly Propylene Random Pipes (PPR), which is a first in the entire Caribbean and South America. This is causing a tremendous upheaval in the local pipe industry because PPR – which is a superior product with its anti-microbial properties, is able to handle high and low temperatures, high and low pressures simultaneously, and is leak-proof – is eventually going to replace PVC (Poly Vinyl Chloride), which is now considered unsafe and unhealthy,” he said.
