Dear Editor,
I write regarding the notice placed in the newspapers by the GRA that Transfer of Rights will no longer be allowed by that organization.
Transfer of Rights is an acceptable and legal way where buyers and suppliers protect themselves from fraud in the course of business.
Let us use the example where X in Guyana places an order for say Y product coming from Z in China. X would have to pay up front to Z a part of the total cost of the goods before Z makes and ships the goods to X.
To be able to protect itself, Z would most likely ship the goods in the name of a bank in Guyana who would release the rights of the goods to X upon receipt of the balance of payment for Z. For X to get the documents so that duties and other taxes can be paid, it would be necessary for the bank to transfer the goods to the name of X.
This is normal, legal business.Why would the Commis-sioner-General of the GRA want to stop the transfer of rights for legitimate businesses? Is this ruling legal? Is this how the GRA facilitates trade?
If the GRA finds that there is abuse of the Transfer of Rights procedure, then tighten it, do not put a stop to it. Let us be logical, no one will close up their house and move out if thieves break and enter, they will secure themselves better.
Yours faithfully,
A Khan
