In a move to foster the development of more child and elderly care facilities across the country, Finance Minister Dr Ashni Singh said the government intends to remove corporate taxes on companies that provide these services.
Additionally, he said a $1.5 billion sum will be provided to support co-investment in care facilities on the condition that companies benefiting from the co-investment support agree on a capped rate for these services.
These initiatives were hinted at by President Dr Irfaan Ali last year. Vice President Dr Bharrat Jagdeo addressed it too.
Jagdeo also said such ventures would be tax-free, to help Guyanese earn while keeping the cost of their services affordable for all.
“We want more women to be trained and come into the workforce, but a lot of them can’t find a place for the kids, but you can’t be too expensive, and it can’t be too far from their homes
“… The government can’t support thousands of facilities, but there may be a model where we incentivise people living in villages, and it becomes a business opportunity,” Jagdeo told reporters at his press conference on Thursday.
He explained that the government could develop a prospectus and co-invest in ventures that would allow persons to convert sections of their houses into care facilities. Those facilities, he emphasised, must be developed to a standard suitable for care work.
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