GRA strengthens systems to expose tax dodging companies

Mar 06, 2017 News

– Commissioner General

The manipulation of financial records by companies to evade paying their fair share of taxes is a practice that is alive and well in Guyana.
But the Guyana Revenue Authority (GRA) is on a mission to pinpoint those companies seeking to cheat the system and make them pay up.
This is according to GRA Commissioner General, Godfrey Statia.
“If you look at most of these manufacturing companies and even those in the mining sector, they have a lot of related party transactions whereby directors trade between themselves, trade within the company, directors even have shell companies that purchase on behalf of the company…So we are actually looking at it now by actually establishing a large taxpayer’s unit.”

GRA Commissioner General, Godfrey Statia

The GRA Commissioner General said that the Unit will be looking specifically at “big companies” and how they do business.
“So there are certain software that we are now instituting which will allow us to get down to these things, because if you look at the industry, you would be able to see whether some are understating their earnings and those that are not.”
With the new systems in place, Statia is confident that GRA will be better able to pinpoint those who have doctored their financial records. (KIANA WILBURG)

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