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Qatari Hotel to get 10-year tax-free ride in Guyana
Vice President, Bharrat Jagdeo with Carlos Pascual during the closing discussion on day three of the Guyana Energy Conference and Supply Chain Expo 2024.
Kaieteur News – Assets Group- the Qatari group building a hotel on prime green spaces of land along Carifesta Avenue, Thomas Lands, Georgetown will get a tax-free ride during the first 10 years of business in Guyana.
Vice President, Bharrat Jagdeo had first mentioned this after being questioned about the Qatari Hotel project at one of his weekly press conferences. Jagdeo further clarified on Wednesday during a closing discussion at the Guyana Energy Conference and Supply Chain Expo 2024 that the 10-year tax free ride is not only for the Qatari investor group but for anyone desirous of building a Hotel in Guyana.
“So if you invest in building a hotel the regime is standard, so you have a 10-years tax-holiday etc, you don’t have to go to a specific part of the country to enjoy those preferences”, Jagdeo told a representative of a foreign Tech company attending the conference. Jagdeo was at the time engaged in the closing discussion with Carlos Pascual, Senior Vice President for Global Energy and International Affairs S&P Global when they opened the floor for questions from the audience. The Tech Company representative took the mic and asked whether there is any restriction on 100 percent foreign ownership of companies in Guyana. In response Jagdeo said that Guyana has no such restrictions unless the foreign company wants to cash in Guyana’s Oil Sector where the local content law applies that a Guyanese must have 51 percent owner”.
Shots of other panel discussions held on day three.
In addition to this and the tax-free ride that his government is willing to grant to foreign companies/investors, Jagdeo even told him that he can come an buy land, something that he cannot do in some countries across the globe. “There is no land alien, land holding act, so you can buy land here in Guyana unlike many other countries You can have a company that is owned by a foreigner you don’t need a special economic zone, a 100 percent owned”, Jagdeo told the tech company representative before further relating to him that the tax regime his government offers is across the board. Jagdeo then went on to tell him about the tax-free ride that a foreign company can get if it builds a hotel. It should be noted that ExxonMobil pays no taxes based on the lopsided 2016 Production Sharing Agreement the company signed with the Guyana Government. Jagdeo’s government has refused to renegotiate the deal despite widespread criticisms of it both at home and abroad.
- Bharrat Jagdeo, Guyana Energy Conference and Supply Chain Expo 2024, project, Qatari hotel, Tax-free ride
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