Tax administration being reformed
─ will “improve equity, the efficiency of collection, allocation of resources, reduction in taxes” – Min. Jordan
─ five financial Bills passed in Parliament last week, this will aid in the fight against money laundering and tax evasion
─ GRA currently granting tax amnesty to default taxpayers for the period Jan. 2018-Sept. 2018
DPI, Guyana, Tuesday, July 17, 2018
“Tax avoidance and tax evasion must no longer be celebrated. They must be seen for what they are, a stain and stigma.”
These sentiments were shared by Minister of Finance, Winston Jordan while addressing the tax reform venture which the Guyana Revenue Authority (GRA) has embarked upon.
He stated that the tax reform will not only increase the tax collection, it will “improve equity, the efficiency of collection, allocation of resources, reduction in taxes.”
The Finance Minister said that tax administration is necessary at any time, but “more so now when the economy is emerging from periods of challenges, particularly as it relates to sugar and also, emerging economic sectors such as oil and tourism.”
Minister Jordan noted that last week, five financial bills were passed in Parliament which will “modernise our financial architecture.” These, he said, will aid in the fight against money laundering and tax evasion.
It was highlighted that since assuming office in 2015, the Government of Guyana has passed legislation through Parliament which was designed to “remove disparities and simplify the tax system, reduce rates on income, corporate and value-added tax, and eliminate the multiplicity of small taxes that generated little or no income.”
The Guyana Revenue Authority is currently granting tax amnesty to default taxpayers for the period January 2018 to September 2018.
In closing, Minister Jordan stated that the staff at GRA plays a critical role in the reform and called on them to broaden the tax base so that every citizen pays their taxes and the burden of the collection of the country’s revenue does not fall on the few that do.
By: Anara Khan