Local conglomerate Banks DIH is disputing a tax assessment for an additional $500 million by the Guyana Revenue Authority (GRA) in relation to a subsidiary, Citizens Bank.
Speaking at Banks DIH’s Annual General Meeting (AGM) yesterday at Thirst Park, Chairman Clifford Reis noted that on December 20th, 2018, the company received Notices of Assessment from GRA, claiming additional corporation taxes of $534,416,000.
The area of contention appears to be the application of Supervisor Guidelines issued by the Bank of Guyana (BoG), against International Financial Reporting Standards (IFRS).