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U.S. Ambassador says American companies need peace of mind in Guyana
…urges reform of Guyana’s tendering process
(Kaieteur News) – United States Ambassador to Guyana, Nicole Theriot is calling for reforms to Guyana’s tender system, outlining that clearer and more modern procurement processes would provide American and other international investors with greater confidence when investing in Guyana.
Speaking on a recent episode of the Energy Perspectives podcast, Theriot said American companies seek predictability and transparency when entering foreign markets.
U.S. Ambassador to Guyana, Nicole Theriot
“U.S. companies are always looking for security, for reassurance to know that when they’re investing or when they’re partnering in a foreign country that the regulations and the rules and what’s going to happen is very clear,” she noted.
Theriot added, “I think Guyana could do itself a huge favour, not just for U.S. companies, but for all international companies if they looked at modernizing the tender process.”
The U.S. envoy also pointed to specific improvements such as digitizing submissions and strengthening oversight of major public contracts.
“I think that’s something that could really add a lot of value and it would be a win for all of us…those things would give U.S. and international companies a peace of mind, so that they know when they’re dealing with Guyana, they know exactly what the requirements are, what they need to do, and how it’s going to work,” Theriot added.
Ambassador Theriot’s comments come amid great foreign interest in Guyana as the country experiences rapid economic expansion, fuelled by its petroleum sector.
She previously raised concerns affecting American firms operating in Guyana and indicated that the United States Embassy in Guyana is working to eliminate double taxation for American companies operating here.
The Ambassador said that American companies operating in Guyana have complained that they are required to pay taxes twice – once in Guyana and then in the Unites States.
“We do not have a bilateral tax treaty. That is something that my office, my embassy here, has been working very closely with Washington on. We’re trying to convince them that this would be useful. Because, you know obviously, if you’re a U.S. company, you don’t want to have to pay taxes both in Guyana and in the United States. That’s patently unfair,” she said.
Theriot outlined that American companies are expanding rapidly across several sectors in Guyana but noted that the absence of a bilateral tax treaty with Guyana is a key concern for investors. She said now that Guyana is becoming a popular destination for U.S. investment, she thinks that it’s natural that there will be areas the country should revisit including laws and regulations.
Guyana currently has double taxation agreements with Canada, the United Kingdom, CARICOM and the United Arab Emirates, but not with the United States. Instead, the two countries have a Tax Information Exchange Agreement, which allows for the sharing of financial information but does not address double taxation.
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