Thu | Aug 17, 2017

Guyana to raid bank accounts for back taxes

Published:Sunday | January 8, 2017 | 1:00 AM

The South American country of Guyana has narrowly passed a bill that allows officials to raid the commercial bank accounts of business owners who owe a large amount of unpaid taxes.

Opposition leaders complain that the measure doesn't require a court order and say they fear the Guyana Revenue Authority would abuse such a right.

Finance Minister Winston Jordan says the bill approved late Thursday will affect only companies that collect the 14 percent sales tax and don't remit it. He says the understaffed revenue agency has struggled to collect sales and value-added taxes from businesses.

Legislators also increased the statute of limitations on collecting back taxes from three to five years.