GRA unearths multi-million-dollar luxury vehicle tax evasion racket

The Guyana Revenue Authority (GRA) has uncovered a tax evasion racket, running into hundreds of millions of dollars, that involves the importation of luxury vehicles.
In a statement on Tuesday, GRA disclosed that the racket was uncovered in its diligence aimed at collecting the rightful revenue due to the State. It implicated some auto dealers in the racket.
“The Revenue Authority (GRA) has uncovered a racket, estimated at hundreds of millions in lost taxes, whereby some unscrupulous importers including some Auto dealers, have made false declarations as to the engine capacity(cc) of some luxurious motor vehicles, contrary to the provisions of the laws administered, to evade payment of the full and applicable taxes,” the GRA stated.
Following the discovery, the Revenue Authority has since commenced a widespread tax compliance activity to detain all such motor vehicles, where the engine capacity, among other declarations, was falsely made.
“The Authority, therefore, advises that any person found to have made, submitted or caused another person to make or submit such incorrect declaration(s) may be prosecuted, in accordance with the applicable laws administered and the motor vehicle(s) may be detained or be seized, unless the full and applicable taxes, together with any applicable penalty are immediately paid thereon,” the missive detailed.
GRA further reminded the taxpaying public that the Agency faithfully remains a partner in the development of the country, and therefore encourages all those persons involved in, or benefit from this activity, to voluntarily visit its Camp Street, Georgetown, headquarters or contact them via telephone to immediately commence the process to have such motor vehicle deemed entered, by payment of the full and applicable taxes and penalties to avoid prosecution.
According to the tax body, all such cooperative persons who comply with voluntary declarations will not be prosecuted nor will their motor vehicle/s be seized or detained.