Guyana Revenue Authority warns tax cheats
The Guyana Revenue Authority has warned that it will be going after businesses cheating the Government of the 16 per cent value added tax (VAT) amounting to billions of dollars in revenue.
The authority’s Commissioner General Godfrey Statia told a news conference that talks would also be held with various stakeholders, including the Ministry of Finance and the Guyana Office for Investment regarding an overhaul of the criteria for granting VAT exemptions.
Statia said as much as $4 million in VAT was lost on every container entering the port and noted that some $20 billion had been lost in VAT exemptions during the first half of this year.
He said the authorities will be increasing enforcement and compliance activities to increase VAT collections.