| A prominent Georgetown business has accused the Guyana Revenue Authority (GRA) of maliciously attempting to damage it.In a statement on Tuesday, Gizmos and Gadgets said that it read with “considerable disappointment the press release alleged to have been issued by the Guyana Revenue Authority accusing their businesses of widespread evasion of the payment of VAT.”On Monday, GRA said that it has seized records of a number of businesses which were believed to be engaged in the practice of maintaining ‘dual books’.“A successful search was conducted on the business premises of Gizmos and Gadgets and its subsidiaries,Wholesale Hockey Jerseys China, namely Auto Zone,Wholesale Stitched Jerseys, Wireless Rush and Excel.Information, including source documents,Discount Football Jerseys, was provided by reliable sources implicating these businesses which are believe to be guilty of widespread evasion of the payment of Value Added Tax and other taxes,” GRA said on Monday.But Gizmos and Gadgets yesterday rejected the “malicious and slanderous statements emanating from the Guyana Revenue Authority.”“Gizmos and Gadgets have consistently operated a well-run, successful business enterprise which has adhered to all the tax and financial obligations of the Republic of Guyana.The Guyana Revenue Authority recently audited one of the group’s business earlier this year and approved of the entity’s operations.”Gizmos said that it rejects the “vicious implications of criminality made by the GRA when they have yet to inform the business of any criminal activity.We consider it most unfortunate that while the officers of the GRA who attended our businesses yesterday informed us that they were conducting a full audit while surreptitiously issuing public statement accusing our business of criminal activity.”It is clear, Gizmos said, that the intention of the GRA is to maliciously damage its business before the conclusion of any investigation.“It is our hope that the GRA will afforded our businesses the opportunity of addressing any concerns they may have before causing irreparable damage to our reputation by the release of false and inaccurate statements to the public.”The GRA statement said that Commissioner-General, Khurshid Sattaur,Arian Foster Dolphins Jersey, gave approval for the covert operation, which was spearheaded by the Enforcement Division.“The law gives the Guyana Revenue Authority the power to enter the premises of a business which is believed to be involved in fraudulent practices and to take possession of computers and business records.”GRA warned that persons engaged in the practices of attempting falsify their records risk imprisonment and the payment of fines, penalties and payment of the taxes due in addition to interest based on assessment of their tax liability. GRA also has the authority to seize goods and order the closure of fraudulent business.On Monday, Sattaur in a statement to Kaieteur News,Cheap NFL Jerseys China Wholesale, said that GRA is investigating several instances of businesses deliberately using a double accounting system to hide revenue.According to Sattaur, raids have already been conducted on a number of businesses and records seized.Sattaur had explained that based on reports,Wholesale NHL Jerseys, GRA learnt that businesses would normally have one accounting system to show a certain number of payments – coming in and going out.This is the one that would be available to the tax inspectors when they come calling.Then there is the true record, which businesses would attempt to keep secret.The latter is the one that hides the true revenue of the business and which is used to deny GRA of its taxes, Sattaur said.It is almost common knowledge that some businesses have developed an elaborate system to escape taxes, GRA stated.Quite a number of shoppers have reported that some stores would ask whether that customer would require receipts. With a receipt, the value-added tax (VAT) would have to be included in the final price. Without the receipt, no VAT is charged.GRA sources believe that millions of dollars are being lost in taxes because of the illegal double accounting system. |
