Two companies that provided $74 million worth of services to the Guyana Gold Board (GGB) in 2014 and 2015 have been accused of VAT fraud and the GGB has been urged to refer the matter to the Guyana Revenue Authority for action.
A forensic audit into the GGB highlighted the case of Safewatch Inc and New Technologies Enterprises. “Our investigation indicates that certainly in the case of Safewatch Inc there is evidence of VAT fraud as Safewatch Inc. is not registered for VAT and cannot therefore charge VAT,” the report by accounting firm Ram and McRae says.
It said that in New Technologies Enterprises’ case while no invoices were seen, according to an extract of its contract with the GGB “Value Added Tax shall be imposed on the goods in Guyana.” The report pointed out that New Technologies Enterprises is not registered for VAT.