Georgetown: The Guyana Revenue Authority in keeping with its mandate to promote compliance with the laws, regulations and policies it administers, continues to remind taxpayers of the various requirements that must be met in order to be deemed compliant.
As such, the GRA is once again reminding the taxpaying public that concessions are not by right, but have preconditions applying as well as post conditions as to the application of those concessions.
In the case of remigrants, it is the norm for all remigrants to provide the necessary proof of the use of their assets prior to their Remigrant status being obtained, apart from such items being registered legally in their name. One such proof is the presentation of insurance documents attesting to the use of their vehicle or other large capital item. The necessary evidence that the person is the holder of a valid driver’s licence is also necessary information that is usually requested attesting to use.
Recently it has come to the attention of the agency that a large number of remigrants, having returned to Guyana from their sojourn overseas, are not keeping for their use, the assets that are presumably their property acquired while living abroad. The GRA holds the view that this is highly irregular and advises that this will in no form or shape be condoned by the agency. The agency's letter is very clear in that it indicates that the concession is granted for the specific use by remigrants and should not be transferred, leased or sold for a period of 3 years after one’s return to take up their residence in Guyana as a bona fide Remigrant.
Many remigrants when found not to be in possession of their vehicles are using many used and jaded excuses including, lending their assets to their close relatives among others. The GRA views this as a violation of the condition under which the remigrants are granted their concessions, and will take all necessary action to enforce the penalty clause under which violation of the concessions occurs. Where the Remigrants are unwilling or unable to pay the pro rata taxes or in some cases the entire amount due, recourse will be taken to forfeit such assets.
Taxpayers have rights, and the GRA views the use of the court by Remigrants to challenge the actions taken by the agency as a right or entitlement. Notwithstanding, the Authority will do its part to protect the integrity of and to continue to give credibility to the scheme.
Further, it is even more essential to note that in determining genuine Remigrants, the post Audit activity carried out by the agency is not only to validate the invoices and title used in the transaction, which are often times highly tampered, but to request of the relevant tax authorities which GRA has treaties with, to disclose relevant tax information. This includes the recent agreement signed on by the Government to implement the Foreign Account Tax Compliance Act (FATCA) as it relates to United States residents.
The GRA urges those who are contemplating making use of concession schemes to be cognizant of the laws including anti money laundering legislation, regulations, international agreements and policies governing same as there are serious consequences once found guilty of violating the laws pertaining to such offences.
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