Officials of the Guyana Revenue Authority (GRA) along with police yesterday swooped down on Gizmos & Gadgets and its subsidiaries, seizing company records on the suspicion that it has been evading taxes.

In a press statement, the GRA explained that the businesses are believed to be engaged in the practice of maintaining “dual books,” a corrupt process to evade the payment of Value Added Tax (VAT) and other taxes.

The GRA said officers went to Gizmos & Gadgets, Auto Zone, Wireless Rush and Excel, all owned by the same person, as information, including source documents was provided by “reliable sources,” implicating the businesses to be guilty of widespread evasion of the payment of VAT and other taxes.

The release said Commissioner-General of the GRA Khurshid Sattaur gave approval for the covert operation, which was spearheaded by the GRA’s enforcement division. The GRA officials were accompanied y police officers.

In the release it was pointed out that the law gives the GRA the power to enter the premises of a business which is believed to be involved in fraudulent practices and to take possession of computers and business records. The GRA said that unscrupulous businesses have defrauded the public treasury million of dollars by employing such practices.

The operation is to continue as a number of other businesses will be targeted as the GRA is bent on “eradicating this unethical and criminal practice and bringing the perpetrators to justice.”

The release warned that persons engaged in such practices risk imprisonment and payment of fines and penalties and payment of the taxes due  in addition to interest based on assessment of their tax liability.