Chinese businessman charged, disputes $10M GRA tax bill

Chinese businessman Jin Ming Wu, owner of Prosperous Hardware Incorporated, has changed his initial guilty plea to not guilty for a tax evasion charge concerning his company, amid disputes over a $10 million tax penalty assessed by the Guyana Revenue Authority (GRA).
Wu, of Lot 110 Regent Street, Georgetown, appeared before Principal Magistrate Faith McGusty in the Georgetown Magistrates’ Court late week to answerto four charges of tax evasion for failing to submit individual and corporate income tax returns for 2022 to 2024.
GRA alleges that Wu’s company failed to file its 2022 tax return by the April 30 deadline. During initial proceedings, Wu had pleaded guilty with an explanation for this corporate charge, as well as for the three individual charges related to unfiled tax returns for the years 2022, 2023, and 2024.
However, following the GRA’s prosecutor submission that the corporate penalty would be set at 10% of the assessed taxes—totaling over $10 million—Wu last week changed his plea to not guilty on the company’s behalf. His attorney, Sasha King, contended that the GRA’s figures were inaccurate and urged a reassessment of the tax amount.
In addition to disputing the corporate tax figure, Wu and his attorney agreed on a personal tax liability of $859,154 for his individual charges, which he has 21 days to settle.
Despite the unresolved company charge, Magistrate McGusty granted Wu self-bail, noting his voluntary court appearance and cooperative approach.
The court granted the GRA a two-week adjournment to finalize the tax assessment amounts, with the case scheduled to continue on October 30, 2024.
Sticker enforcement
This case comes as Guyana’s government emphasizes the need for uniform regulatory enforcement. Vice President Bharrat Jagdeo recently addressed alleged regulatory leniency toward Chinese-owned businesses in Guyana.
“There are cases where Chinese business owners often bypass regulatory approval, and the agencies responsible for enforcing the regulations do not hold them accountable,” Jagdeo said, calling for stricter adherence to tax and regulatory standards across the board. Jagdeo highlighted issues where businesses have allegedly bypassed building codes, health regulations, and VAT obligations, urging agencies like the GRA to enforce tax laws impartially.
“We have made it clear to the regulatory bodies that you have to enforce the laws uniformly,” he stated, adding that some officials may be “induced” to overlook such matters. (G9)