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.
It was only time…
Moon ah Run…..!!!!!!
I smell a public relations exercise that most likely informed the target of the time and the day of this “raid”?
Day caught it up.
Good for you Mr Sattaur, best news I’ve heard for a long time.
O please how backwards are they still. Books!! Books!! They are still using books. A company that sell consumer electronics using books. LMAO. The only books they should be using to recording tax liabilities are Quickbooks. Peachtree too if they can handle that. Dual books have been going on in Guyana forever. I’m surprised they are going after one of their close friends. For place that sell technology they are still living in the stone age with fred flinstone.
They still have blackouts and water shortage, what else is new!
Books does not suprise me….no it does not…the country is so far back.
FYI even in North America you still need the info on papers/books
James you need it on paper, but these are tools used to organize it.
Finally, finally, the authorities are going after the alleged TAX EVADERS. Guyana can be a richer state if it develops the ability to collect all taxes due to it.
More revenue means better public facilities of all Guyanese. Georgetown would be a nicer city, if the city council had the ability to collect the rates and taxes due to it.
It is so important, that a revenue court should be set up to deal with the offenders.
At the moment the tax base is small, the large companies are burdened with taxes of all sorts.
A tough man like Al Copone was done in by the failure to pay his taxes.
Guyana has too many Al Copones. Think about it.
Have you ever heard of catch and release?. These exercises are designed to appease the short attentioned span public.
hahahahaa once again you are correct….
Right again. However, aren’t all these businesses own by Mr. Sharma family? If so then this tell’s me something. Good move by GRA but still political to me. What am i saying, isn’t Sharma Son the head of Energy Agency and is married to one of the PPP Minsiter Daughter…so Basmattie might be right again.
Lagaan. taxes.
Have the GRA ever wondered why some so-called companies are paying G$100,000 in yearly income tazex but can afford and justify the erection of multi-million dollar buildings and the purchase of mega-bucks luxury vehicles.
Many of these entities cannot even meet their monthly electricity and phone bills yet they are spending hundreds of millions on buildings and luxury vehicles. Not to mention their lifestyle- which makes some Hollywood stars’ pale into oblivion.
Just take a look around Georgetown and Sheriff Street and the neighbourhoods of mansions just outside town.
Welcome to Guyana!! The land of drugs and money. The land of no scruples and morality. WELCOME!!!
what’s the point of paying taxes if the monies is not being spent correctly or on the right things after 17yrs still no decent lighting no clean water,fire fighters still useing trenches as a way to put out fires..come on guyana this is almost 2010.
Can the GRA say if Roger Khan and Peter Morgan were paying there taxes ?.
dont push your luck dont even go there mr. w b
lol, turbo the guy is just asking a question, roger have nuff bzness in gt.
major troubles for them if the GRA has any competence
It’s about time.
The term “BOOKS” is the accounting jargon for record keeping. Record keeping can be either manual or computerized. The article did not state which system was used.