Small companies in the extractive industry were not required to declare payments made to the authorities when submitting information for the recent Guyana Extractive Industries Transparency Initiative (GY-EITI) Report because of the materiality threshold.
Speaking with Stabroek News recently, Head of the National Secretariat of the GY-EITI Dr. Rudy Jadoopat explained that data was requested from the various government entities, including the Guyana Geology and Mines Commission (GGMC), the Guyana Gold Board (GGB) and the Guyana Revenue Authority (GRA), about revenues received from entities in the industry. “GGMC and GGB submitted to us a list of payments they received in the year 2017. What we did as part of the process was have the Independent Administrator [BDO LLP] take those numbers and put [them] in a spreadsheet from each entity and we added them up so we got a total revenue collected from extractive entities,” he explained.
