Mid-year Report: Guyana's tax revenues sink as oil giants walk free with $493B waiver

Mid-year Report: Guyana’s tax revenues sink as oil giants walk free with $493B waiver

Nov 27, 2025 News

(Kaieteur News) – The Guyana Revenue Authority (GRA) income tax collection slipped during the first half of 2025 by 4.9 percent to $123.4 billion at the end of June, when compared to the same period in 2024. This is according to the Bank of Guyana Half-Year Report.

Central Bank noted that total current revenues, excluding inflows from the Natural Resource Fund (NRF), Guyana REDD+ Investment Fund (GRIF), and Carbon Credit Sales (CCS), grew by 3.6 percent to $235.4 billion. The increase was driven mainly by a 2.3 percent rise in tax collection, which amounted to $221 billion, sustained by a favourable economic base from both the non-oil sector and the oil and gas industry, along with their wider sectoral linkages.

‘Tax revenues sink as oil giants walk free with $493B waiver’ - Mid-year Report

Guyana Revenue Authority (GRA) headquarters in Georgetown

According to the report, the decrease in income tax collection was driven mainly by lower personal income taxes, which fell by 14.8 percent to $33.6 billion, and a 21.7 percent reduction in withholding taxes, which stood at $30.8 billion. It was also stated that taxes from public corporations also decreased by 12.4 percent to $1.8 billion, while private corporation taxes rose by 17.1 percent to $57.1 billion.

The country’s midyear income tax collection pales against what Guyana continues to lose under the Stabroek Block Production Sharing Agreement (PSA) as it relates to income tax collection from the block’s operator ExxonMobil Guyana Limited (EMGL) and its partners Hess Guyana Exploration Ltd. and China National Offshore Oil Corporation (CNOOC).

President of ExxonMobil Guyana Limited (EMGL), Alistair Routledge

According to the financial statements for the three companies Guyana waived a monstrous $493 billion in income taxes for ExxonMobil, Hess and CNOOC in 2024. Exxon reported an income tax expense of $260,155,788,763 while Hess reported $209,668,605,000 and CNOOC another $22,933,000,000.

While Exxon, Hess, and CNOOC are not required to pay income taxes, the 2016 oil contract provides for the taxes to be paid to the GRA by the Government out of its share.

According to the PSA, the Stabroek Block partners are allowed to recover 75% of the oil produced to recover their investment costs; the remaining 25% is considered profit, which is split between Guyana and the Stabroek Block consortium, giving each 12.5%. However, the consortium pays a 2% royalty from its share to Guyana. From its 14.5% Guyana then has to pay taxes for the oil companies.

Notably, the provision of the Stabroek Block contract which gives Exxon and its affiliates a tax-free ride in Guyana has attracted criticisms locally and internationally. Despite this, the Irfaan Ali-led administration is adamant that the deal will not be renegotiated due to the implications of the sanctity of contract.

The contract states in Article 15.1 that the Contractor (ExxonMobil Guyana Limited) as well as its affiliates shall not be subjected to tax, value-added tax, excise tax, duty, fee, charge, or impost in respect of income derived from petroleum operations, property held or transactions except as specified under the agreement.

It goes on to state in Article 15.4 that the sum equivalent to the taxes owed by the company will be paid by the Minister responsible for Petroleum to the Commissioner General of the GRA. It should be noted that the contract also allows for the issuing of a receipt to ExxonMobil, indicating that it has met the local tax requirements to avoid the burden of double taxation in the United States.

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GRA, Mid-Year Report, Natural Resource Fund, oil giants, tax revenues, waiver

2 thoughts on “Mid-year Report: Guyana’s tax revenues sink as oil giants walk free with $493B waiver”

Sue Colbert November 28, 2025 at 1:54 am

Is Guyana Being Exploited +++ by ExxonMobil, and Hess, and on A Smaller Scale, by CNOOC, and WHY?!?!?

WHEN WILL ExxonMobil, and Hess Stop Bleeding Guyana’s Back, To Line their Pockets; Drive Fancy Cars; live in Lux Mansions, while they Rob A Poor but Upcoming Nation, of Her Financial, and Oul Resources! THE NONSENSE MUST STOP! NOW!!!
Sue Colbert November 28, 2025 at 1:59 am

Those Entities are Not Helping Guyana! They’re Big Bullies, and The Thefts of Guyana’s Finances, and Oil Resources Nonsense MUST END! NOW!

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