{"id":13979,"date":"2023-11-10T21:08:20","date_gmt":"2023-11-10T21:08:20","guid":{"rendered":"https:\/\/ncnguyana.com\/2023\/?p=13979"},"modified":"2023-11-10T21:08:22","modified_gmt":"2023-11-10T21:08:22","slug":"revision-of-local-content-act-nearing-completion-addresses-loopholes-dr-bharrat-jagdeo","status":"publish","type":"post","link":"https:\/\/ncnguyana.com\/2023\/revision-of-local-content-act-nearing-completion-addresses-loopholes-dr-bharrat-jagdeo\/","title":{"rendered":"Revision of Local Content Act Nearing Completion, Addresses Loopholes &#8211; Dr. Bharrat Jagdeo"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n\n<p>The ongoing revision of the Local Content Act is expected to conclude soon, with a focus on addressing existing loopholes, according to PPP General Secretary Dr. Bharrat Jagdeo during his weekly press conference.<\/p>\n\n\n\n<p>The Local Content Act, initiated in December 2021, has undergone months of review, and Dr. Jagdeo expressed satisfaction with the economic benefits it has brought to Guyanese citizens. <\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/ncnguyana.com\/2023\/wp-content\/uploads\/2023\/11\/Josiah-Jagdeo-Local-Content-1.mp3\"><\/audio><\/figure>\n\n\n\n<p>He highlighted that the act, intended to prioritize local participation in the petroleum sector, has already generated significant economic gains.<\/p>\n\n\n\n<p>Dr. Jagdeo revealed that the estimated impact of the Local Content Act last year amounted to approximately $400 million USD involving around 1500 Guyanese companies. <\/p>\n\n\n\n<p>Looking ahead, he anticipates this figure to potentially rise to $1 billion USD by 2027, given the offshore industry&#8217;s expansion.<\/p>\n\n\n\n<p>Despite these positive outcomes, Dr. Jagdeo acknowledged reports of companies exploiting certain provisions of the act. <\/p>\n\n\n\n<p>He cautioned that the government would implement measures to address such cases, especially instances where local companies act as fronts for foreign entities. <\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/ncnguyana.com\/2023\/wp-content\/uploads\/2023\/11\/Josiah-Jagdeo-Local-Content-2.mp3\"><\/audio><\/figure>\n\n\n\n<p>Dr. Jagdeo emphasized that the tax system would be a tool to scrutinize and rectify such practices.<\/p>\n\n\n\n<p>The Local Content Act primarily aims to ensure that Guyanese nationals and companies benefit substantially from the growth of the country&#8217;s petroleum sector. <\/p>\n\n\n\n<p>It outlines 40 specific services that oil companies must procure from Guyanese entities. <\/p>\n\n\n\n<p>The ongoing revision seeks to expand and strengthen these provisions.<\/p>\n\n\n\n<p>Dr. Jagdeo noted that, in some instances, local suppliers faced challenges in meeting the requirements, leading to exceptions. <\/p>\n\n\n\n<p>However, he emphasized the need to close existing loopholes and prevent abuse of the law.<\/p>\n\n\n\n<p>The imminent completion of the Local Content Act revision signifies the government&#8217;s commitment to refining the regulatory framework and ensuring a fair and equitable distribution of benefits within the petroleum sector.<\/p>\n\n\n\n<p><em>Reported by Josiah Williams for <\/em>NCN News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The ongoing revision of the Local Content Act is expected to conclude soon, with a focus on addressing existing loopholes, according to PPP General Secretary Dr. Bharrat Jagdeo during his&hellip;<\/p>\n","protected":false},"author":4,"featured_media":13980,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[361,350,351],"tags":[],"class_list":["post-13979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-and-economy","category-news","category-politics"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/13979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/comments?post=13979"}],"version-history":[{"count":1,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/13979\/revisions"}],"predecessor-version":[{"id":13983,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/13979\/revisions\/13983"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media\/13980"}],"wp:attachment":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media?parent=13979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/categories?post=13979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/tags?post=13979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}