Joel Julien

joel.julien@guardian.co.tt

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.