– says its members have been tax-compliant

THE Guyana Association of Bankers Inc. (GABI) said that it takes umbrage at the recent assertion that the country’s local banking sector has not satisfied its tax-payment obligation.

In an article published in the Stabroek News (February 4, 2019), Guyana Revenue Authority’s Commissioner-General, Godfrey Statia, is reported to have said that local banking institutions have not been tax-compliant in honouring their fair share of tax payments.

In a statement issued to the press, GABI said that commercial and nonfinancial institutions have made all tax payments to the government.
The association said that the financial statements are prepared, reviewed and finalised in compliance with regional and international standards and also the Bank of Guyana standards.

The body also indicated that the approach employed by commercial banks has been accepted by the relevant authority and confirmed by the Guyana Revenue Authority.
The association said it has engaged the legal fraternity on the matter and has been advised that members have been tax-compliant, therefore the body remains confident that its position is robust and indisputable.

GABI said that it remains committed to steadfastness and a strict adherence to financial guidelines and ultimately the Laws of Guyana, as they continue in their service to the Guyanese people.