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| Guyana Revenue Authority (GRA)Bill No. 10 of 2015 called the Financial Institution (Amendment) Bill wishes to advance the position that the GRA, can make “lawful requests” for customer information from licensed financial institutions (mainly banks).Reacting to this Bill, the Russian-trained,Cheap NFL Jerseys, Leader of the Opposition,Nike Vapor Max Plus Triple Black, Bharrat Jagdeo has declared that such a law can “spell economic doom” and can have “serious repercussions in the economy”. Is Jagdeo now admitting that under the PPP the economy was propped up by the narco-traffickers who never paid taxes? Is Jagdeo now admitting that under his watch there was political interference in the work of the GRA?There is enough empirical evidence to support the position that underground economic activities occupied a fairly large share of the economy under the PPP. This situation continues to undermine the work of the GRA today. This new amendment to the law was designed to cause these players who operate outside of the official economy to shape up or ship out.The teachers and nurses have no choices but to pay taxes on their small wages before they can access their paychecks. It is only fair that this burden be shared more equitably across the society by all eligible taxpayers.Sase SinghI was advised that this proposed amendment in the law was designed to ensure that additional streams of economic activities are taxed more fairly. I was further advised that the vision was that bank information will be request on a case-by-case basis driven by “red-flagged” tax audits. Thus it is imperative that the Board of the GRA clearly explain itself to the public so that all can be assured of the intent of the law, especially the small business houses.In Guyana,Adidas NHL Jerseys China, a TIN (tax identification number) is not a mandatory prerequisite in opening a bank account and this is a big gap in the law. In more mature taxation societies like the United States, unless you have a TIN or a Social Security Number, you cannot open a bank account. Everyone has a number in the United States, so everyone is on the radar and has no choice but to contribute to the Treasury. The law should be further amended to ensure that all banks declare interest payments quantified above $10,Cheap Jerseys,000 on deposits. This information should then be cross referenced to the tax records to ensure that the “well-off” are making accurate tax declarations. But there should be an ironclad process around how information is obtained from the banks, how it is stored and how it is utilized. It is time we take the GRA to the next level.Mr. Khurshid Sattaur may be a good human being but it does not negate the fact that under his watch, many of the basic codes of ethics required by a tax collection agency were grossly violated.It is absolutely clear that under Sattaur’s watch the public trust in the GRA has reached an all time low,Wholesale NBA Jerseys China, yet the Coalition Government seems to be at a loss on how to reform this agency.This is not how a Revenue Agency ought to operate. With Mr. Sattaur at the top of the GRA,Wholesale Adidas Hockey Jerseys, people will always be second guessing the revenue collection strategy of the coalition government since there is a breakdown of trust between the public and the GRA because the people who committed the past misdeed against the victims are still calling the shots. So why then did we advocate for change in May 2015, when it is more of the same at the GRA? What confidence does the public have today that such practices will not continue?I suspect once Mr. Sattaur remains at the helm of the GRA, even many law-abiding citizens may consider taking their money to countries like Trinidad as a result of the GRA having access to their bank information. The earlier the Minister of Finance acts and reforms the leadership of the GRA, the better for Guyana since implementing this amendment in the law under the leadership of Mr. Sattaur presents a clear and present danger to depositors.In June 2015, Prime Minister Moses Nagamootoo had cause to publicly reprimand Mr. Sattaur for the release of private tax information but it is most surprising that to date the Minister of Finance have not yet taken corrective remedial action. Who really is in charge of domestic affairs as prescribed in the Cummingburg Accord? Holding on to Mr. Sattaur is a most sub-optimal decision and it is hoped that President Granger will use his executive powers and bring sanity to this situation at the GRA.The common taxpayer expects that the GRA will help them to understand and meet their tax obligations in an environment of fairness and integrity. That relationship has to be crafted in an environment of mutual respect; not fear. The empirical evidence to date has illustrated that the concept of fairness, confidentiality and integrity are not synonymous with the current leadership at the GRA. So Jagdeo’s statement may have some merit since, if Sattaur stays, then yes many business houses may start shipping their saving overseas to jurisdictions with tax authorities that they can trust.Such a situation will have a “serious repercussion in the economy”. (Sase Singh) |
