debut: 12/22/15
7,653 runs
Kaieteur News – A look at United States oil giant, ExxonMobil Corporation’s first-ever disclosure of payments to host governments, it appears as though the company’s Guyanese subsidiary paid US$656 million in taxes to the Government of Guyana (G0G) last year.
However the reality is that Exxon is not paying income taxes in Guyana. The company has said that while it is subject to Guyana’s income tax laws, the taxes assessed on the company’s operation are paid by the government, rather than the company itself. In addition to this, Exxon is then given documentation to show that the taxes have been paid in Guyana. This arrangement is owed to the 2016 Production Sharing Agreement (PSA) the Coalition Government signed with ExxonMobil Guyana Limited (EMGL) for the Stabroek Block.
On Wednesday, September 25, Exxon made a filing disclosing that it paid US$49 billion in global tax and duties expenses – this includes US$16 billion in income taxes.
Recently, this publication reported that EMGL did not have to pay over GYD$197 Billion in taxes to the Guyana Revenue Authority (GRA) for the past two years [$138B in 2023, $59B in 2022], as the taxes were paid by the Government in keeping with the lopsided PSA.
However the reality is that Exxon is not paying income taxes in Guyana. The company has said that while it is subject to Guyana’s income tax laws, the taxes assessed on the company’s operation are paid by the government, rather than the company itself. In addition to this, Exxon is then given documentation to show that the taxes have been paid in Guyana. This arrangement is owed to the 2016 Production Sharing Agreement (PSA) the Coalition Government signed with ExxonMobil Guyana Limited (EMGL) for the Stabroek Block.
On Wednesday, September 25, Exxon made a filing disclosing that it paid US$49 billion in global tax and duties expenses – this includes US$16 billion in income taxes.
Recently, this publication reported that EMGL did not have to pay over GYD$197 Billion in taxes to the Guyana Revenue Authority (GRA) for the past two years [$138B in 2023, $59B in 2022], as the taxes were paid by the Government in keeping with the lopsided PSA.