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EITI director calls for greater tax transparency, info sharing on revenues
Kaieteur News – Despite the fairly low component scores shown in the Validation assessment on its Extractive Industries Transparency Initiative (EITI), Guyana’s reporting has shed light on government’s revenues from the extractive sector.
EITI Executive Director, Mark Robinson
This was the appraisal given by Executive Director Mark Robinson of the Norway-based Extractive Industries Transparency Initiative (EITI) who lauded Guyana’s initial efforts at deepening extractives governance in Guyana following his two-day visit last week.
Following the country visit, Robinson noted, “Guyana has made important strides in establishing some of the foundations for successful EITI implementation.”
He noted that during the visit, he received confirmation of Government’s commitment to transparency in the extractives sector, to publishing data on production and exports and to putting information on contracts and commodity sales in the public domain.
He noted that Guyana’s multi-stakeholder group functions well in representing the interests of government, industry and civil society and that the government has committed to financing the operations of the EITI national secretariat.
Guyana has successfully established the country’s first functioning platform for multi-stakeholder discussion on the future of the extractive sector and it was noted, despite the fairly low component scores shown in the Validation assessment, Guyana’s reporting has shed light on government’s revenues from the extractives sector.
Commenting on future opportunities to deepen extractives governance, Robinson said, “…this is the time for Guyana to build on the progress achieved in EITI implementation to date, by strengthening tax transparency, deepening information on revenues, creating a public register of licences, releasing more details of contracts, and setting up a beneficial ownership register.”
He affirmed the commitment of the International Secretariat to offer technical support and peer learning from countries with similar laws and institutions.
“We look forward to walking this path with Guyana’s government, EITI secretariat and multi-stakeholder group. Transparency is essential to bring benefit to citizens from Guyana’s natural resources,” he concluded.
In its 2022 Progress Report on Guyana in relation to governance of oil and gas and mineral resources, EITI had outlined that oil contracts and the granting of licences to permit such operations can result in citizens of a country being deprived of what they are owed financially.
The EITI Progress Report was launched on June 14, last ahead of the organization’s 53rd Board Meeting.
In the document, the transparency organization specifically highlighted that “Corruption is a pressing challenge for many resource-rich countries and a priority area for the EITI.”
It cited a statement made by the Organization for Economic Co-operation and Development (OECD), that one out of five cases of transnational corruption is linked to or directly occurs in the extractive sector. As such, the report sought to put country leaders on notice that their citizens can be deprived of revenue through the licencing process, contract negotiations and even uncertainties in company stakes.
According to the 2022 EITI Progress Report, “Opacity in company ownership structures, licencing processes, contract negotiations and transactions can make lucrative extractive projects especially vulnerable to abuse or illicit enrichment, depriving citizens of the revenues they are owed.” The body said, while there is a shared view among stakeholders that addressing corruption risks is implicit in implementation of the EITI Standard, the EITI Board recognised a need to clearly articulate the EITI’s role in deterring corruption and mitigating corruption risks.
To this end, the EITI said that back in December last, it issued guidance for multi-stakeholder groups to identify and address corruption risks through EITI implementation.
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