Latest update January 1st, 2025 1:00 AM
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Govt. working with IMF to employ progressive tax regime for oil sector
Finance Minister, Winston Jordan
Finance Minister, Winston Jordan recently assured that the Government is working along with the International Monetary Fund (IMF) to implement a menu of recommendations made by the organization, one of which includes employing a more progressive tax regime for the oil sector.
The economist was at the time, responding to questions from this newspaper on the IMF’s reports which were issued to the coalition administration. He was reminded that one of the suggestions by the IMF is that the government should employ a more progressive tax regime so that it receives a higher share of profits as projects earn more.
Jordan was careful to note that since 2016, different organizations, mainly the IMF, did a range of studies on Guyana’s oil sector and how it needs to best prepare for the revenues to come. He said that the IMF explained that after examining Guyana’s template for contracts, there are certain things which should not have occurred.
Be that as it may, the Finance Minister said that the IMF was quite clear that there is nothing “you can do with those (contracts) you already signed. So whatever they recommend is going forward…”
He said that the Government indeed received reports from the IMF on best practices to be implemented in the petroleum fiscal regime. He stressed again that the recommendations therein would not affect contracts already signed.
The Finance Minister noted once more that he is aware of the recommendations of the IMF, including the need to implement a more progressive tax rate. He noted that the IMF is providing assistance to Guyana to help it employ all of its suggestions.
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