Latest update November 4th, 2024 1:00 AM
Latest News
- 3 US rigs drilling full steam ahead in search of more oil
- Changing CEOs cannot fix sugar problem-AFC
- Over 50 children killed in Israeli strikes in Gaza’s Jabalia in 2 days: UN
- 11 to receive honorary doctorate degrees from UG
- Govt. to amend Income Tax Act to prevent oil companies from rotating foreign workers to evade taxes – Jagdeo
Local Content Act to be updated next year to address loopholes –Jagdeo
Vice President, Bharrat Jagdeo (Local Content Act to be updated next year to address loopholes –Jagdeo)
Kaieteur News- Guyana’s Local Content Act will be amended next year, Vice President Bharrat Jagdeo disclosed on Wednesday during his weekly press conference held at Freedom House, Robb Street, Georgetown.
Jagdeo, who is also the General Secretary of the People’s Progressive Party (PPP) said that companies that are non-complaint with the Local Content Act have lots to worry about in the future as the amendments to the legislation aim to address loopholes.
Amendments to Guyana’s landmark Local Content legislation will be enacted next year, ensuring all loopholes are regulated effectively.
Jagdeo said that the Local Content Secretariat has identified a number of issues with companies’ compliance.
For instance, Guyana’s local content law mandates 75 per cent of management positions in companies, be held by Guyanese, with only 25 per cent allowed for foreign workers.
However, companies are allegedly rotating foreign workers every six months and subverting the requirement for Guyanese managers. As a result, “I spoke with the commissioner and we are now drafting legislation that will cover that loophole,” Jagdeo expressed.
Additionally, the government is reviewing the eligibility percentages for a number of sectors outlined in the legislation, including rentals requiring 100 per cent local procurement. And according to Jagdeo, the possibility of adding new sectors to the local content schedule is also being explored.
“It’s not just that sort of reform that will come but also, we are looking to close the loopholes here…Some companies are doing this and they would be written to shortly to ensure greater compliance,” reporters were informed.
Jagdeo emphasised that the situation is being monitored carefully as the wellbeing of Guyanese is a priority. He went on to note that the government has provided support to these ‘big’ companies, and they will not be allowed to shaft Guyanese.
“Because our ultimate aim is to get our people not just as workers in these places, but as managers too. So, they have to train and improve (their) skills. And so, only when they can really demonstrate that we don’t have this skill, then we can tolerate that. But some of them are doing this to bypass Guyanese management,” he bemoaned.
Although the legislation requires amendments, the current act has facilitated hundreds of small and medium businesses, who are benefitting from the oil and gas industry. Thousands of Guyanese or businesses are now participating in the country’s newly found industry. (DPI)
(Local Content Act to be updated next year to address loopholes –Jagdeo)
- Bharrat Jagdeo, Freedom House, Local Content legislation, People's Progressive Party, Vice President
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Jagdeo should withdraw his comments
…Peeping Tom Kaieteur News- Vice President Bharrat Jagdeo found himself at the center of a controversy regarding... more
Rising Gun Crimes in the Caribbean: Urgent Action required by all
By Sir Ronald Sanders Kaieteur News – There is an alarming surge in gun-related violence, particularly among younger... more
Weekend Cartoon
