Pritipaul Singh Investments nets $246M VAT Refund settlement with GRA

Pritipaul Singh Investments recently netted a whopping $246M in a Value Added Tax (VAT) refunds case settlement with the Guyana Revenue Authority (GRA). The matter commenced before Madam Justice Damone Younge in October 2018. Attorney-at-law Christopher Ram appeared on behalf of the applicant while Judy Stuart-Adonis appeared as GRA’s Counsel. In the filing, the applicant […]

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Guyana can use Que$tor software to test reasonableness of companies’ cost estimates-Oxfam Director

Testing the reasonableness of an oil company’s cost estimates has been quite a challenge for oil producing nations. But Oxfam Director, Ian Gary, thinks Guyana may find the Que$tor Software useful in this regard. During an interview with Guyana Standard, Gary noted that this very software helped Ghana prevent millions of dollars being charged to […]

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$3M support for Mashramani Pan-O-Rama Steel Pan competition

The Honourable Minister of Social Cohesion, Dr. George Norton today accepted a $3M cheque from Republic Bank Guyana Limited (RBL), intended for the support of Mashramani 2019. The monies handed over will go directly towards the hosting of the Pan-O-Rama Steel Pan Competition. The company’s Assistant Communications and Public Relations Officer, Ms. Jonelle Dummett, said […]

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Guyana Goldfields’ share price tumbles by 70 percent

According to the Toronto Stock Exchange, the share price for Guyana Goldfields Inc. has tumbled by 70 percent. It is now trading at CDN$1.66. Shareholders are now worried that the drastic fall in share price may make the company an easy target for “takeover”. Specifically making this comment is Patrick Sheridan, founder and former Executive […]

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IMF completes study on pros, cons of Guyana paying taxes on behalf of oil companies

The International Monetary Fund (IMF) has completed a study on Guyana’s pay-on-behalf system which kicks in as a result of the structure of its Production Sharing Agreements (PSA). The pay-on-behalf system provides for the Corporate Income Tax (CIT) liability of an oil operator to be settled out of the government’s share of profit oil. The Guyana […]

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World Bank, IMF helping GRA on administering tax avoidance rules for oil sector

All governments face tax administration challenges. But some of these are the result of poorly designed systems that may not provide the tax agency of the day with adequate authority to contest or prevent abusive tax-avoidance practices. Cognizant of this reality, donor agencies such as the International Monetary Fund (IMF) and the World Bank have […]

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Fuel sector lawlessness must end! Govt. to strengthen licensing, other procedures — Patterson

With many of its loopholes still unaddressed, Guyana continues to lose billions of dollars in the fuel sector. According to the Guyana Revenue Authority (GRA), these significant losses stem from factors that include a free for all in the licensing of operators and corruption in the fuel marking system. But Public Infrastructure Minister, with responsibility […]

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World Bank, IMF strengthening Guyana’s financial laws to protect oil revenues –Finance Minister

In the last two years, several international bodies have recommended that Guyana strengthen its fiscal regime to ensure its oil money is not only protected but that the country gets value for the exploitation of its resources by companies which have a reputation for being corrupt. During an interview with the Guyana Standard yesterday, Finance […]

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Draft Local Content Policy not grounded in realistic assessment of Guyana’s needs-World Bank

Guyana’s Local Content Policy is scheduled for completion in March. But even at this stage, a number of crucial things have not been done. For one, the World Bank has pointed out that the draft policy is yet to be grounded in a realistic assessment of the country’s capacity needs. In fact, the Bank said […]

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US$218,000 to upgrade TVET facilities

A contract to the tune of US$218,050 was inked yesterday to facilitate the preparation of final designs and provision of construction supervision services for the expansion and refurbishment of three Technical, Vocational, Education and Training (TVET) facilities at the secondary level. These facilities are located at Fellowship (Region Three), Beterverwagting (Region Four), and Hopetown (Region […]

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