By Marcelle Thomas
On the heels of allegations that Ramps Logistics Guyana (RLG) again made a false declaration to the Guyana Revenue Authority (GRA) by inflating billions, the tax agency last year flagged and fined other companies for false declarations, sources say.
“Many other companies have been flagged, and fined and additional taxes paid…,” a GRA source explained to the Stabroek News while adding, “this is not only for the oil and gas industry but also for other filings made for imports.”
With a list of over 50 companies flagged, the source said GRA was engaging in best practices by utilising risk management approaches, post clearance analysis, and also valuation exercises when looking at filings.
However, companies in the oil and gas sector were put on alert as the tax agency has a keen focus on filings for this sector. One official explained, “excessive wear and tear claims and increased cost oil claims that could arise from false declarations” could put this country at a loss, given that cost oil makes up for 75% of profits currently.