The Prime Minister has announced that provisions have been made in the 2019/2020 budget to assist the manufacturing industry. These include a waiver of
President of the Dominica Manufacturers Association (DMA), Severin Mackenzie says that the DMA has been requesting the removal of VAT on raw materials for eight years now. They have found that paying VAT on raw and packaging materials at the port, is not sustainable and leads to an increase in the cost of manufactured products. He says, if the Government waives the VAT, it will alleviate some of the burdens on manufacturers.
Mackenzie also said that the association has been complaining that the loan facility which Government set up at the Aid Bank is not easily accessible to manufacturers. According to communications with the AID Bank, only six million of the proposed fifteen million has been received. Since then only about ten loans of about a few thousand dollars have been given.
Mackenzie says that following the association’s AGM last week, they wrote to the Prime Minister with their concerns. A review of the no refinancing policy would definitely benefit manufacturers. He made these comments while speaking to Marpin 2k4 News following the budget presentation.
