More than 20 countries give 3 to 5-year tax holiday

Oil companies always have a long list of demands; one of them being tax holidays.
In the case of Guyana, the Government has granted ExxonMobil a premium tax exemption package.
According to Article 15 of the Production Sharing Agreement (PSA) with ExxonMobil, “no tax, VAT, excise tax, duty, fee, charge or impost should be levied at the date or from time to time thereafter on the Contractor or affiliated companies in respect of income derived from Petroleum Operations or in respect of any property held or transactions undertaken or activities performed, for any purpose authorised or contemplated…”
This tax holiday will last for the life of the contract.
However, while Guyana gave this premium package to ExxonMobil, there are more than 20 other nations which provide only a three to five-year tax holiday to oil companies.

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