Albany, NY -- (SBWIRE) -- 09/17/2014 -- Synopsis:

Timetric's Guyanese fiscal regime report covers the governing bodies, law, licenses, rights and obligations and tax-related information on two commodities: bauxite and gold.

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Executive summary:

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.

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Reasons to buy:

Gain an overview of Guyana's mining fiscal regime.

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.

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