Cognizant of the impact the petroleum sector will have on the nation’s Gross Domestic Product (GDP), the Guyana Revenue Authority (GRA) recently noted that there is an urgent need for it to create a robust legal framework, institute vigorous systems and build pertinent capacity to avert the risk of revenue losses.
In fact, the agency said it plans to capitalize on all available foreign aids and technical assistance to build, in a timely manner, a cadre of professionals who possess the requisite skill-sets.
Guyana Standard understands that GRA also plans to contract consultants to guide the inaugural ‘Cost Oil’ Audits.
During this period, GRA said that the experts will be expected to conduct on- the job training to facilitate the transfer of knowledge to locals and to ensure that the in-house capabilities are adequately developed. This news agency was informed that the establishment of sound Standard Operating Procedures (SOPs) and operating manuals will also be critical during this period.
Further, GRA noted that the audit of ‘cost oil’ is the primary mechanism through which the accuracy of ‘Government take’ is validated. As such, the revenue agency said thatmajor emphasis will be placed on building a formidable framework to ensure that the country benefits to the maximum from the extraction of its nonrenewable resources.
GRA’s efforts in this regard are being supported by the International Monetary Fund (IMF).
