Partnership between GRA and Business sector essential - Tax Chief

Partnership between GRA and Business sector essential – Tax Chief

Oct 02, 2017 News

Commissioner General of the Guyana Revenue Authority (GRA), Godfrey Statia believes that it is crucial to ensure a feedback loop exists between the tax agency and business leaders.

GRA Commissioner General, Godfrey Statia

Statia expressed that this is necessary so that GRA can know what proposals are being actively considered and the business community can be aware of any potential tax implications and opportunities that may result.
According to Statia, it is only by establishing proactive communication in this manner that a business can achieve a holistic view of the true cost of investment and business opportunities. And it is for this reason he said that GRA welcomes and supports a Public-Private Partnership initiative.
The Attorney-at-Law stated that the onus is on the business organizations to give adequate support and advice to its members, and to make representations on their behalf at every forum, and to the various ministries.
He opined that such representations should be accompanied by facts and proper analyses, not surmisations. He commented that this will go a long way in minimizing conflict and improving efficiency.
Furthermore, the Commissioner General believes that it is not just changes within the business that tax teams are required to be considered. He said that there are a multitude of external influences that are affecting the tax landscape.
In this regard, Statia related that the Organization for Economic Cooperation and Development’s Base Erosion and Profit Shifting (BEPS) project, for instance, aims to address cases where multinational companies shifting profits to lower tax jurisdictions and thereby contributed to erosion of the tax base.
Statia shared that this new tax framework, which will likely be adopted in one form or another by over 100 countries, is expected to impact many businesses engaged in cross-border trade and operating in multiple jurisdictions.
The Commissioner General expressed that tax is a key factor that could affect the profitability and efficiency of the new smart factories, supply chains, and product offerings being considered. Despite the inherent complexities of the global tax system, Statia commented that through careful, early tax planning and effective communication between all stakeholders, maximum use can be made of the opportunities that exist.
The tax chief stated that the GRA need not and would not be a barrier to these opportunities.
“We are committed to this partnership, and assure you that we will do our part to ensure success,” Statia concluded.

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