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Impose taxes on Exxon for them to renegotiate
Dear Editor,
Guyana, as the new girl on the oil block, naively negotiated, and ended up with a deal that reveals Exxon as a predatory corporation that is willing to suck dry Guyana’s oil, without reasonable compensation. But that might just be business for the oil companies. Obviously, Exxon has its priorities in order while Guyana’s politicians are still floundering and playing the blame-game.
Exxon has shown its cards with its one-sided deal. Instead of screaming and pointing fingers, we need to find legal and alternative ways to get Exxon to justly and equitably compensate Guyana. This is where we may want to examine our tax laws.
Does Guyana have tax laws concerning the extraction and exportation of its oil? If not, it is time Guyana drafts laws that are independent of the “oil contract” to ensure Exxon pays the “fair” value for the oil. Have extraction tax and exportation tax on each barrel of oil. Levy a tax on everything that Exxon imports to Guyana — from the toilet paper to their machinery.
There should be disposal taxes for the waste that Exxon produces and the equipment it discards. The tankers that enter and leave Guyana’s waters should pay an entry fee and exit fee.
Crude oil pumped by Exxon should match each tanker’s manifest and fines stipulated if they do not match.
Look, I am neither a taxman, economist or politician; I have not read the contract of the giveaway Guyana deal, so I may be just another emoting Guyanese who wants Exxon to succeed and Guyana to get what is equitable.
Let us hope that Guyana wins this fight for just equity and Exxon will accept Guyana as mutual partner in each other’s success.
Stanley Niamatali
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