Latest update May 12th, 2024 12:59 AM
Oct 10, 2010 News
The Government of Guyana by way of the National Industrial and Commercial Investments has been in receipt of almost $4.5B between the period 2003 and 2009 from the Guyana Telephone and Telegraph Company.
The monies are paid to NICIL as dividends payable for the 20 per cent of shares that the government has owned in the telephone company.
The two most rewarding years between the periods were 2005 and 2009 where in excess of $1.2B was paid over NICIL.
The dividends are being paid on the same shares that the Government of Guyana has put up for sale but is yet to get a favourable buyer.
Taxes that are paid by the Company average about 45 to 48 per cent of revenues.
Towards the end of the 1980’s, the Government of Guyana took a decision to privatise telecommunications as part of a broader economic reform programme and sought the participation of private investors in the sector.
Government advertised for local or foreign investors with access to the capital, technology, and skills so critically necessary for the revitalisation of the industry.
It was Atlantic Tele Network (ATN) that took up the challenge.
In 1990, the Parties signed an Agreement in which ATN acquired eighty percent of the telephone company and the Government retained twenty.
When this Agreement was consummated, the new Guyana Telephone and Telegraph Company Limited replaced the Guyana Telecommunication Corporation.
Year Dividends paid to NICIL
2003 $360,000,000.00
2004 $622,500,000.00
2005 $1,230,000,000.00
2006 $461,250,000.00
2007 $307,500,000.00
2008 $256,250,000.00
2009 $1,230,000,000.00
Total $4,467,500,000.00
Year Taxes paid to Govt.
2004 $4,018,660,000.00
2005 $3,990,392,000.00
2006 $4,040,402,000.00
2007 $3,942,253,000.00
2008 $3,291,179,000.00
2009 $2,721,370,000.00
Total $22,004,256,000
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