Revenue uncollected due to exemptions from duties and taxes in the year 2018 was more than double the amount exempted in 2017 with companies and businesses ‘Conditional Tax Exemption’ equal to 20 times that of the taxes paid.
According to the 2018 Auditor General’s report a total of $134.236 billion in exemptions was granted for the period under review, as compared to $64.312 billion in 2017. The report said that the Guyana Revenue Authority (GRA) has explained that this change is due to Agreements between businesses and the Government of Guyana which contributed to a large sum of tax exemptions being granted as well as major increases in imports by the Oil and Gas Sector.
In fact the sum forfeited was nearly half, 43.42%, the actual revenue collected over the same period, with the majority of exemptions being granted to companies and businesses.
