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Guyana to receive nothing from $80M-$90M in Hess global income taxes

February 01, 2021

Kaieteur News:

Despite the fact that Guyana is the jewel in the crown of Stabroek block partner, Hess Corporation, this country will receive none of the up to US$90M in income taxes the company expects to foot around the world for the year 2021. 

Tom Sanzillo, Director of Finance at the Institute for Energy Economics and Financial Analysis, had told Kaieteur News that the public is essentially being shortchanged by the tax provisions in the agreement as, according to the Institute’s calculations, Guyana would be forfeiting US$653 million in taxes by 2025.

Despite years of criticism of the tax and other provisions in the agreement, with sustained calls for its renegotiation, major political parties and the Stabroek block partners have refused. 

[Staff Report]

More: Guyana to get nothing from US$80-90M in income taxes Hess will pay globally in 2021

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