Acknowledging a recent ruling in which the Caribbean Court of Justice (CCJ) dismissed an appeal by Guyana Stores Limited (GSL) over the 2% minimum corporation tax applied by the Guyana Revenue Authority (GRA), Caribbean Chemicals, in a similar action, conceded defeat.
Like GSL, Caribbean Chemicals, through its attorney had argued that GRA failed to assess the taxes payable by it in accordance with the provisions of the Income Tax Act in particular, because no notice of assessment had been sent to the Company prior to the demand.
Among other things, it argued also, that the requirement to pay a 2% minimum corporation tax pursuant to section 10A of the Corporation Tax Act, which was introduced by the Fiscal Enactments (Amendment) Act No. 16 of 1994 and 3 of 1996, was unconstitutional.
In the GSL challenge,
