(Demerara Waves) Guyana’s recent foreign currency shortage appears to have caused government to consider adopting Suriname’s model to ensure that more earnings from gold sales goes directly to the national treasury.
“Suriname has a model which we are looking to incorporate in whole or part here so we want to facilitate trade but the function of the licensed dealers, as agents of the Gold Board, is to ensure that foreign currency is earned for the country so that is why they are licensed,” ,” Minister of Natural Resources, Raphael Trotman told Demerara Waves Online News.
Demerara Waves Online News was told that Suriname’s gold producers are required to take their raw gold to the partly government-owned refinery where it is refined, made into gold bars and certified as 99.9 percent pure. Exporters are required to pay a refining fee and taxes and royalties to the Suriname government. Suriname’s tax department has an office at the refinery which seals the gold and receives the taxes before the metal is exported.