During the year 2019, Auditor General, Deodat Sharma found that the Oil and Gas Sector received tax exemptions totaling $125.849 billion through the Guyana Office for Investment and the Geology and Mines Commission (GGMC). In addition, Sharma said that two companies objected to assessed taxes totaling $265.626M. 244.
He went on to state in his latest report laid in Parliament today that further, applications for Value Added Tax (VAT) refunds by companies in the Oil and Gas Sector for the year 2019 amounted to $2.422 billion. At the time of reporting in November 2020, the Auditor General said that VAT refunds totaling $280.952M were made to one company.
Also, VAT Returns totaling $8.018M were rejected, VAT Refunds totaling $26.792M were disallowed and $2.1 billion in VAT Refunds are being processed by the Guyana Revenue Authority.