Guyana: ENHANCING CAPACITY FOR THE PETROLEUM COST RECOVERY AND PETROLEUM REVENUE DEPARTMENTS
The Guyana Revenue Authority (GRA) has undertaken significant initiatives to bolster its capabilities in the oil and gas sector. The unprecedented expansion of the Petroleum Sector and the consequent growth of the Oil and Gas Tax portfolio impose heightened obligations on the Revenue Authority to ensure the needs of the oil and gas sector and its taxpayers are effectively addressed. The GRA has established a Cost Recovery and Petroleum Revenue Departments to optimise revenue generation from this sector and enhance taxpayer compliance.
Recruitment of Competent Professionals
As a result, the Authority is presently engaged in identifying and cultivating a cohort of professionals to fulfil roles within each department. This initiative entails ensuring that potential staff possess the following:
- Qualifications in accountancy or any other accounting/auditing certification; COPAS, ACCA, CPA desirable.
- Profound understanding of auditing principles, practices, and standards;
- Familiarity with the Tax Acts and Regulations overseen by the GRA;
- Comprehensive knowledge of Generally Accepted Accounting Practices (GAAP) and International Financial Reporting Standards (IFRS); and,
- Awareness of standard business operational and commercial practices (both domestic and international).
Furthermore, to optimise team synergy, the Revenue Authority will conduct a competency assessment to align individual skills and expertise for placement within the Petroleum Cost Recovery Department or the Petroleum Revenue Department.
Enhancing the Capabilities of Tax Officials Since 2018, the GRA has acknowledged the intricacies of the burgeoning oil and gas sector and has spearheaded efforts to enhance the capacity of its personnel to grasp the significance of the Authority in proficiently administering taxes, conducting risk-based audits, educating taxpayers, and implementing other risk-based compliance measures.
The GRA acknowledges the significance of collaborating with international partners to augment its capacity in the oil and gas sector and will persist in its collaborations with Universities, the International Monetary Fund (IMF), and GRA’s Technical Staff to ensure that only the most innovative and exceptional professionals are serving taxpayers and partners within the oil and gas industry.
In addition to fortifying its internal capacity, the GRA has recognised the importance of refining communication with industry stakeholders. To achieve this, we ensure the recruitment of professionals with outstanding interpersonal skills encompassing written and oral communication, analytical, persuasive, and negotiation skills, as well as leadership and organisational acumen.
The GRA aims to reshape, adapt, and reorient its culture while preparing employees for a more strategic and expanded role as the economy and society evolve. It is imperative to have a pool of individuals who embody integrity, accountability, professionalism, respectability, and the ability to work collaboratively to achieve this; by ensuring that staff uphold integrity, the GRA can ensure that tax collection is precise and efficient. With these measures in place, the GRA is well-equipped to continue playing a pivotal role in the oil and gas industry and increase revenue collection.