Taxation, customs agreements to improve trade between Guyana, UAE

─ paves the way for investment by UAE in Guyana’s oil and gas sector

DPI, Guyana, Thursday, May 16, 2019

The Government of Guyana and the United Arab Emirates are set to sign two agreements that will lead to improved trade between the two countries.

The agreements are; the Avoidance of Double Taxation and Prevention of Fiscal Evasion and the Mutual Administrative Assistance in Customs Matters. According to Director General of the Ministry of the Presidency, Joseph Harmon, both agreements were given the green light by Cabinet.

At his post-Cabinet press briefing today DG Harmon emphasised that the agreements have potential for future investment by the UAE in Guyana, especially in the emerging oil and gas industry.

DG Harmon explained the Avoidance of Double Taxation agreement aims to reduce tax obstacles on cross border services, trade and investments. It also deals with the risk of double taxation.

The Director General said that the draft bilateral agreement on customs matters between the two countries is modeled in accordance with the world customs organisations’ standards.  This agreement will provide platforms for cooperation such as on combating custom offences, protection of mutual interest, sharing of information and technical assistance.

Further, the agreement is also intended to be used as a template for the future cooperation between the customs administration of Guyana and that of other countries.

Synieka Thorne.

Image: Anil Seelall.