Latest update August 4th, 2026 12:30 AM
Banks DIH objects to GRA’s additional $534M corporation tax
Banks DIH, yesterday, signaled their resistance to a notice of assessment (NoA) by Guyana Revenue Authority (GRA) for additional corporation tax, amounting to $534M.
Director, Clifford Reis
At its Annual General Meeting, yesterday, the Director, Clifford Reis spoke of the NoA the company received from GRA, since the company’s claim for deduction for impairment losses, was rejected, on financial assets in relation to the years of income ended September 30, 2010 to 2012, and 2014 to 2016, inclusive.
The company notes that accounting policy on impairment losses on financial assets, as described in their financial statements, recognises the company’s obligation to comply with provisioning requirements contained in International Financial Reporting Standards (IFRS) and in the Supervision Guidelines issued by the Bank of Guyana.
For purposes of its corporation tax computations, the company claimed impairment losses on financial assets as determined under IFRS, in accordance with Section 16(I)(e) of the Income Tax Act, which provides for the deduction of provisions for bad and doubtful debts incurred in a trade or business.
Banks DIH’s shareholders and customers at its Annual General Meeting, 2019
The company is not in agreement with the Assessments raised by GRA and intends to file objections, as provided for under the Income Tax Act.
Reis said that the company will continue to evaluate its “traditional business model to create wealth for shareholders through the creation of new synergies, the implementation of finance and marketing initiatives and, continuing emphasis on cost reduction strategies.”
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