ICAG celebrates 59 years with seminar on tax reforms and Government efficiency

The Institute of Chartered Accountants of Guyana (ICAG) is celebrating its 59th anniversary with a two-day seminar that will bring together accounting professionals, tax experts, and Government representatives to discuss issues shaping the accounting landscape in Guyana and across the region.
The seminar, forming part of the Institute’s annual Accountants Week activities, will explore – among other topics – three major topics: plans to improve the efficiency of Government services, the CARICOM Double Tax Treaty, and withholding tax obligations for non-residents. Speaking with Guyana Times, Harryram Parmesar, Council Member of the ICAG and the main organiser of the event, said the seminar reflects the Institute’s ongoing effort to keep its members informed on evolving standards and practices.
Parmesar explained that hosting regular educational sessions is part of the ICAG’s professional mandate, especially given the rapid pace of change in both international accounting standards and local business regulations.
“As part of our responsibility, we are supposed to have regular seminars to update our members on current business and accounting practices,” he said. “This month also marks our 59th anniversary, so we decided to align this seminar with the celebrations.”
He added that the event is expected to feature a mix of technical discussions and practical updates designed to strengthen professional knowledge across the sector. One of the core focuses of the seminar will be taxation, an area Parmesar described as “critical and often misunderstood.”
He noted that as Guyana continues to attract foreign workers and companies, there has been increasing confusion surrounding the application of withholding tax for non-residents.
“There are a lot of foreigners coming in to do work, and some stay for short periods while others spend longer stretches. Under the law, non-residents are required to pay withholding tax, but there are grey areas in interpreting exactly how that applies, depending on how payments are made and where.”
To address these challenges, the Guyana Revenue Authority (GRA) will deliver a presentation aimed at clarifying the obligations of both businesses and non-resident workers. Parmesar said this is intended to help reduce compliance issues and promote a clearer understanding of Guyana’s tax framework.
Another major component of the seminar will focus on the CARICOM Double Tax Treaty, which seeks to eliminate the double taxation of income within CARICOM member states and promote greater regional integration.
According to Parmesar, with more regional trade and cross-border employment taking place, it is important for professionals to fully grasp how the treaty applies in practice. “We’re seeing increased movement of people and services across CARICOM,” he said. “So, we want our members to understand how the tax treaty works, especially when it comes to determining where taxes should be paid.”
Beyond taxation, the seminar will also examine Government efficiency, with presentations expected from the Minister responsible for public service and administrative reform. Parmesar said the Institute hopes to hear how the Government plans to streamline operations within key agencies such as the GRA and the National Insurance Scheme (NIS).
“We hope the Minister will share his plans for improving efficiency in Government services; that kind of transformation benefits not just accountants but every citizen.” Reflecting on the ICAG’s legacy, Parmesar pointed out that Guyana has long been a leader in the Caribbean accounting fraternity. Since the early 1990s, Guyana has been among the first regional countries to adopt International Financial Reporting Standards (IFRS) – a move that has since become the foundation of the country’s accounting framework.
“We’ve been fully compliant with international accounting standards for decades,” he said proudly. “We’re also members of the International Federation of Accountants, which shows our alignment with global best practices.”
To ensure continued professional integrity, the ICAG has also implemented practice monitoring, where members in public practice – particularly auditors – are periodically reviewed by external assessors from the Association of Chartered Certified Accountants (ACCA). These reviews ensure that audits are conducted according to international standards.
“This process helps maintain high levels of compliance and professionalism,” Parmesar said, noting that the ICAG has seen “significant success” in this area. Over the years, the Institute’s contributions have extended beyond national borders. Parmesar shared that three Guyanese accountants have gone on to serve as Presidents of the Caribbean Institute of Chartered Accountants, highlighting Guyana’s strong influence in shaping regional accounting standards. As the Institute marks its 59th year, he believes the focus remains clear – to strengthen the profession, uphold integrity, and ensure that accountants continue to play a key role in national development.