Income Tax Act/or Regulations

1. Is the general tax code applicable to income from petroleum operations?

2. If a general tax code is not applicable, what tax is applied to income from petroleum activities?
3. If the Contractor has more than one contract area, may costs and expenses from one contract area be
used to offset income from another Contract area?
4. May the tax burden be shifted to the government or some other local entity?
5. Is there a difference in the applicable income tax rate based on the type of entity used (locally
incorporated versus registered branch)?
6. What is the government take? (e.g. royalties, petroleum tax, corporate tax, other tax, briefly
indicating the tax payer, the existing taxable situation, the tax rate applied, the date for payment within
the amount, other complementary tax obligations to be fulfilled)? Please, describe rates, taxable base,
timing for payment and form of payment (oil, money, etc).
7. What are other possible items in the governmental tax? (royalties, fees, etc.)?
8. Is there any tax incentive or benefit for the petroleum activities?
9. Are there in the legislation or in the contractual/lease provisions any tax stability, assurance given to
the foreign investors?
10. Is there any thin cap rule to limit the interest deduction?
11. Is there any indirect tax on imports (VAT, for example)? If yes, what are the taxes? May we offset, in
future, the amount paid when we import goods or services? How can we compensate this (credit or
cash)? What is the percentage applicable?
12. Is there any other tax/duty/charge imposed on the envisaged operations/contracts?
13. Regarding depreciation, what is the method allowed and please provide a chart with the useful
life/method for tax purposes?
14. Is there any investment credit available?
15. Is it possible to use the indirect tax to reduce the total amount of income tax to pay?
16. How many years we have to use eventual tax losses (tax loss carryforward)?
17. Is there a transfer price legislation? Please indicate methods to follow and the documents (and
reports) asked by tax authorities.
18. Are there any tax reporting requirements in the legislation?
19. Is there any tax imposition on profits remitted abroad? Are there any formalities to be fulfilled?
20. What governmental agency is in charge of the supervision of this sort of matter?
21. Is there a repatriation or dividend tax of any type?
22. May production be exported?
23. What duties are applied?
24. If items are needed to be imported, may those be exempted from customs levies?
25. May items that have been imported be exported?
26. Is the country a party to any double taxation treaty?
27. Is there any restriction to use bank accounts in different countries for operations to be carried out in
Guyana?
28. What is the role of the Guyana’s Central Bank in the currency exchange rate to USD?