Chairman of Banks DIH Limited Clifford Reis is calling for legislation to help combat the smuggling of beer and other alcoholic beverages and said that the scourge is eating away at the country’s revenue, the company’s profits, and local workers’ job security.
Reis made the call at the company’s 52nd Annual General Meeting held yesterday at the Thirst Park complex.
He said that a joint effort on the part of the regulatory bodies and the enforcement of existing legislation will be necessary to ensure that the critical tax revenues and employment are maintained. “Our country loses millions of dollars in taxes and experiences a loss of jobs when foreign beers, liquor and other products come into Guyana illegally,” Reis said. “High tax commodities are attractive to smugglers as the savings derived from not paying taxes are huge. When this happens the government loses much needed revenues and the local manufacturers are placed at a disadvantage,” he said.
He added that in many instances, the illegal importers sell the commodity at a price that is lower than the local manufacturer and in some instances lower than the price that the commodity is sold for in the country of origin. “For example, smuggled vodka, scotch whisky, liqueur and beer are sold cheaper than those at our duty free shop. We are recommending