Having been incorrectly classified as a non-commercial company, Grace Kennedy Remittance Services (GKRS) limited has incurred a more than $300M debt in taxes to the Guyana Revenue Authority (GRA).
In a judgment dated July 20th, the Full Court noted that the revenue authority was lawfully recouping corporation taxes to the tune of $377,135,184 from the money-transfer and bill-payment entity from which it could not be estopped.
From 1994 up until May 2018, GKRS was assessed for corporation tax at a non-commercial rate having been incorrectly classified as a non-commercial company.
