Dear Editor,
The press on Monday reported on the effort by the Guyana Marketing Company (GMC) to sell zero-rated and exempt products in light of price increases seen with the introduction of VAT. I have a few simple questions which I hope the press and or someone in authority will be able to answer:
1) Did the GMC trucks display their VAT registration certificates and provide tax invoices to customers (these are required since zero-rated products are taxable);
2) Were revenue stamps placed on the invoices given to customers (again required as the invoice is the receipt for payment);
3) Would the GMC be required to pay the Government corporation tax at the rate of 45% of its profits (or a minimum 2% of turnover);
4) Were the products themselves sold at a sufficient profit to pay for fuel, depreciation of vehicle, salaries of employees, etc.
These are a few of the realities which businesses are faced with and it would be interesting to see whether the GMC is faced with the same, especially the first two which have to be complied with by law.
Yours faithfully,
(name and address provided)
