Latest update April 20th, 2024 12:59 AM
Oct 01, 2017 News
The Guyana Revenue Authority (GRA) is currently looking into a “trade triangle” that is at the heart of tax evasion. Kaieteur News was able to confirm this with GRA Commissioner General, Godfrey Statia.
Statia said that this “trade triangle” is part of the commercial sector in which the GRA is losing millions of dollars in taxes. Statia said that the commercial sector is one that is fraught with instances of transfer pricing and under invoicing.
The Commissioner General said, “There is a Chinese, Cuban Trade relationship that is taking place. I call it the Chinese-Cuban Triangle. It involves people coming from Cuba, to Guyana and trading with the Chinese and we get nothing from it.
Based on information we have received, the Cubans come into Guyana, bringing in about US$3000 and there are some Chinese stores which are changing the money without having a cambio license.”
Statia added, “With all the containers brought in by the Chinese, they sell their goods to the Cubans, no VAT is charged and the Cubans return to their country. All you get in that transaction is travel tax that they pay at the airport.”
Kaieteur News understands that Central Bank was asked to look into the matter of stores conducting foreign currency exchanges without a license.
Where is the BETTER MANAGEMENT/RENEGOTIATION OF THE OIL CONTRACTS you promised Jagdeo?
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