Heritage Petroleum has paid $832 million in taxes for the first six months of the 2022 financial year which ended March 31, and in the process reduced its after tax profit when compared to the same period last year.
The $823 million was an increase of $816 million from the comparative period last year when $15.97 million was paid.
“These allowances, which were previously available due to the vesting of the Exploration and Production assets in 2018 from Petrotrin, are now no longer available as a deduction against profits.
“As a result, Heritage is now subject to an increased income tax expense of $832 million compared to $16 million in the same period for 2021,” Heritage’s chairman Michael Quamina noted.
Heritage recorded a 50 per cent increase in revenue over the comparative period.
Revenue for the six months period ended March 31 was $4.5 billion.
“Contributing $2.3 billion in Supplementary Petroleum Tax, Petroleum Profits Tax, royalties and levies to the Government of T&T due and payable for the period (2021: $321 million). This brings the total contribution to the national treasury to $6 billion since Heritage began operations on December 1, 2018,” Quamina stated.
Quamina noted the first six months of fiscal 2022 show that Heritage continues to generate significant value by executing its strategy and delivering strong results in a disciplined financial framework.