Businesses paying needless tax penalties due to non-compliance

Commissioner-General of the Guyana Revenue Authority (GRA) Godfrey Statia yesterday lamented the failure by local businesses to remit deducted taxes on time, saying that their non-compliance results in needless penalties.

While many businesses deduct money from their employees for taxes and National Insurance Scheme (NIS) contributions, many also convert the deductions to their own use, he said.

“Too many business fall prey to needless penalties because of non-compliance, and use taxes collected on behalf of the state as a cash flow. PAYE, NIS and VAT are taxes that are first in line against all other creditors, yet many businesses do not timely remit them on the required due dates,” Statia told a Guyana Manufacturing and Services Association (GMSA) business luncheon at the Georgetown Club, where he was the guest speaker.