The Guyana Revenue Authority and the Special Organised Crime Unit (SOCU) are investigating several cases where persons withdraw large amounts of money at the end of the year and use their reduced bank statement in their tax declarations to avoid taxes.
According to the Financial Intelligence Unit 2021 report, the Unit has identified trends where persons, particularly business people who have high cash balances in their bank account, withdraw large amounts of money at the end of the year and then re-deposit the funds at the beginning of the new year.
“Managers’ cheques payable to the account holder is usually the preferred method of withdrawal. It is suspected that the individuals omit this amount from their… tax returns by using the reduced year end bank statements balance in their tax declaration,” the report stated.
