Ram and McRae 2024 budget review
This document is posted with permission from Ram & McRae. The opinions in this document do no necessarily reflect the views of OGGN.
taxation
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Payment of Tax under Article 15.4 (b) and 15.5 of the Petroleum Agreement
Originally Published At: https://www.chrisram.net/?p=2424
Natural Resource Fund faces institutional, Capacity, investment and accounting challenges.
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 117 – December 22, 2023 Introduction The International Monetary Fund and the Inter-American Bank have both expressed concerns about the structure and operations of the Natural Resource Fund, one of the PPP/C’s flagship projects directly associated with the oil and gas economy. This…
Ability to service burden of debt relies almost exclusively on Guyana’s share of profit oil
A letter entitled “Notions that the level of borrowing is reckless are far-fetched” penned by Mr. Bhagwandin was published earlier this week in Stabroek News (August 8, 2023). The backdrop to this letter is as follows. The National Assembly approved, last week, a new debt ceiling to facilitate greater borrowing. Guyana’s domestic public debt ceiling…
Guyana needs to join the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting
The OECD/G20 Inclusive Frame-work on Base Erosion and Profit Shifting (BEPS) is implementing a landmark reform to the international tax system, which will ensure multinational enterprises will be subject to a 15% effective minimum tax rate. The details can be found via this link https://www.oecd.org/tax/beps/. Domestic tax avoidance by BEPS due to multinational enterprises exploiting gaps…
The 2016 Petroleum Agreement and Foreign Currency
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 105 – March 17, 2023 Introduction It is surely a contradiction that even as Guyana has the fastest growing economy in the world, and amid a phenomenal expansion in oil production and export, the issue of the availability of foreign exchange is now…
This undefined capital expenditure can end up being a ploy to hide the real oil profit due to Guyana
By Stabroek News October 11, 2022 Dear Editor, Permit me to respond to Joel Bhagwandin’s letter in SN of October 8th, captioned, ‘The overall objective of the PSA is to obtain a higher profit share after fully recouping investment costs’; but before doing so, I would like to recommend that Joel Bhagwandin take some finance…
There is a precedent for renegotiating the 2016 Petroleum Agreement. Time for this Government to show some spine
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 101 – September 16, 2022 More than three years ago, and even before the first barrel of oil was produced, the 2016 Petroleum Agreement signed by Esso Exploration and Production Guyana limited (Esso) and Hess and CNOOC, its Joint Venture partners, concluded its…
Token GRA tax receipt helps Hess avoid paying taxes in the US
Every Man, Woman and Child in Guyana Must Become Oil-Minded – Part 99 – July 2, 2022 Introduction In this Part 99, we address our attention to the 2021 audited financial statements of Hess Exploration and Production Guyana Limited (the branch) which despite its name, is in fact a branch of a Cayman Islands incorporated…
Unraveling Ambiguities: Assessing Transparency and Fiscal Clarity in Guyana’s Oil Sector Financial Statements
Oil and Gas Column # 91 – June 25, 2021 Every man, woman and child must become oil minded Introduction Each of the past three columns (#’s 88 – 90) reviewed the financial statements of one of the three oil companies which signed the 2016 Petroleum Agreement with the Coalition Government of President Granger. Today’s…
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