GRA uncovers multi-million-dollar tax evasion racket involving luxury vehicles      

THE Guyana Revenue Authority (GRA) said it has uncovered a sophisticated tax evasion scheme involving false declarations by some importers, including unscrupulous auto dealers, that has cost the state hundreds of millions of dollars in lost revenue.
These individuals have reportedly misrepresented the engine capacity (cc) of luxury motor vehicles to evade paying the full applicable taxes, a violation of the country’s tax laws.

The GRA disclosed that these deceptive practices are contrary to the provisions of the laws it administers, with the primary goal being to minimise tax liabilities on high-value vehicles.
The agency has launched a robust tax compliance initiative aimed at identifying and detaining vehicles associated with false declarations. As part of this initiative, GRA officials are actively conducting inspections to ensure compliance.

Persons found submitting or causing the submission of incorrect declarations could face prosecution under the applicable laws. Additionally, the vehicles involved in these infractions may be detained or seized unless the outstanding taxes and penalties are immediately settled.

The Authority has also appealed to individuals who might have benefitted from this scheme to voluntarily report to its headquarters at Camp Street, Georgetown, or call 225-5061 ext. 2501-2508 to regularise their affairs. The GRA assured that those who come forward voluntarily will not face prosecution, nor will their vehicles be confiscated. However, full payment of the applicable taxes and any associated penalties will still be required.
The GRA has reaffirmed its commitment to safeguarding the state’s revenue and urged all taxpayers to fulfil their obligations honestly.  This crackdown highlights the GRA’s diligence in monitoring and addressing tax-related offences to ensure compliance and protect public funds.

SHARE THIS ARTICLE :
Facebook
Twitter
WhatsApp

Leave a Comment

Your email address will not be published. Required fields are marked *

All our printed editions are available online
emblem3
Subscribe to the Guyana Chronicle.
Sign up to receive news and updates.
We respect your privacy.