Guyana’s Mining Fiscal Regime: H1 2014

The country’s mining industry is governed by the Ministry of Natural Resources and Environment, and the agencies working under it. The Guyana Geology and Mines Commission (GGMC) oversee the mining industry and has implemented modern mining practices and codes of operation. The Mining Act No.20 of 1989 is the main regulating law for mining in the country.

Scope

The report outlines Guyana’s governing bodies, governing law, licenses, rights and obligations and key fiscal terms which includes Relinquish of Prospecting Area, Royalty, Corporate Income Tax, Capital Gain Tax, Branch Profit Tax, Withholding Tax, Depreciation, Loss Carry Forward, Value Added Tax, VAT.

Key Highlights

• The Ministry of Natural Resources and Environment is the main body responsible for forestry, mining, environmental management, wildlife, protected areas, land use planning and coordination, and climate change.

• The Guyana Geology and Mines Commission (GGMC) came into force in 1979 support sustainable development through its activities in the mineral sector.

• The Environmental Protection Agency aims to take all necessary measures to ensure the prevention and control of pollution, to assess the impact of economic development on the environment, and monitor the sustainable use of natural resources.

• The Mining Act No. 20 of 1989 is the main law for mining in Guyana. It makes provisions with respect to the prospecting and mining of metals, minerals and precious stones, for regulating their conveyance and other matters relating to the laws.

Reasons to buy

Gain an overview of Guyana's mining fiscal regime.

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Table of Contents

1 Executive Summary 1

2 The Guyanese Mining Industry – Governing Bodies 6

2.1 Guyana Geology and Mines Commission 6

2.2 Environmental Protection Agency 6

3 The Guyanese Mining Industry – Governing Law 7

3.1 Mining Act 1989 7

4 The Guyanese Mining Industry – Mining Licenses 8

4.1 Prospecting License 8

4.1.1 Rights 8

4.1.2 Obligations 8

4.1.3 Duration 8

4.2 Mining License 8

4.2.1 Rights 8

4.2.2 Duration 8

5 The Guyanese Mining Industry – Key Fiscal Terms 9

5.1 Relinquish of Prospecting Area 9

5.2 Royalty 9

5.3 Corporate Income Tax 9

5.4 Capital Gain Tax 9

5.5 Branch Profit Tax 9

5.6 Withholding Tax 9

5.7 Depreciation 9

5.8 Loss Carry Forward 10

5.9 Value Added Tax 10

6 Appendix 11

6.1 What is this Report About? 11

6.2 Methodology 11

6.3 Secondary Research 11

6.4 Primary Research 11

6.5 Contact GlobalData 12

6.6 About GlobalData 12

6.7 GlobalData’s Services 13

6.8 Disclaimer 14

List of Tables

Table 1: The Mining Industry in Guyana – Fiscal Regime Terms and Other Taxes, 2014 1

Table 2: The Mining Industry in Guyana – Relinquish of Prospecting Area (%), 2014 9

Table 3: The Mining Industry in Guyana – Depreciation Rates (%), 2014 10

List of Figures

Figure 1: The Mining Industry in Guyana – Commodity Mines at Different Stages (Number of Mines), 2014 2

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