The proposed amendments to the Income Tax Act that would allow the Guyana Revenue Authority (GRA) to garnish funds from bank accounts, will almost mimic those already in place in the Value Added Tax (VAT) Act of 2005, though they have not been used.
Minister of Finance Winston Jordan had announced during his 2017 budget speech on Monday last, that “the provisions of Section 102 of the Income Tax Act Chapter 81:01 will be revised to provide authority to the GRA to garnish funds from bank accounts held by taxpayers who have outstanding tax arrears.”
