Order laid for oil firms’ tax exemptions

An Order to exempt Tullow Guyana BV and Eco (Atlantic) Guyana Inc from various taxes has been laid in the National Assembly.

Signed by Minister of Finance Winston Jordan on February 14th, 2019, the order specifies that the written laws mentioned in Section 51(2) of the Petroleum (Exploration and Production) Act or any part thereof shall not apply to or in relation to the Licensees Tullow Guyana BV, Eco (Atlantic) Guyana Inc and Total E&P Guyana BV as specified in the Production Sharing Agreement (PSA) signed between them and the Guyana Government.

Section 51(2) lists the Income Tax Act, the Income Tax (In Aid of Industry) Act, the Corporation Tax Act and the Property Tax Act as legislation which, by order of the Minister (subject to an affirmative vote of the National Assembly), shall not apply to a licensee in possession of a PSA with government…..

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