The oil and gas sector continues to play a critical role in Guyana’s economic landscape, contributing significantly to the country’s tax revenues. According to the 2023 Auditor General’s Report, the sector generated $128.07 billion in revenue for the year, a substantial increase compared to 2022. This figure comprises $122.162 billion from internal revenue collections and an additional $5.908 billion from customs duties.
The report highlights a remarkable growth of 46% in revenue contributions from the oil and gas sector, representing a positive variance of $40.245 billion compared to the previous year. This sector alone accounted for approximately 35% of the total gross revenue collected by the Guyana Revenue Authority (GRA) in 2023.
While the sector continues to bolster government coffers, tax exemptions were also granted under contractual agreements with companies. These exemptions amounted to $196.569 million for the year under review.
In addition to tax revenues, the report details the status of Value Added Tax (VAT) refunds within the oil and gas sector. A total of 123 applications, amounting to $10.233 billion, were submitted by companies in 2023. Of these, VAT credits totaling $3.544 billion were disallowed, while $8.854 billion was approved for refunds. Of the approved refunds, 18 companies received payments totaling $3.534 billion, while the remaining refunds, amounting to $3.169 billion, were used to offset outstanding tax liabilities for 17 companies.
