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The recently announced Consumption Tax settlement between the government and the Demerara DistillersOpposition Leader Bharrat JagdeoLimited (DDL) has raised eyebrows in certain sections of the society.Chief among those expressing concern is Opposition Leader, Bharrat Jagdeo,Cheap Jerseys Wholesale, who condemned it as a “scandalous ‘out of court settlement’”, as a result of which, the State lost billions of dollars in revenue.Last week DDL announced that it had reached an amicable settlement with the Guyana Revenue Authority (GRA) in a longstanding dispute over Consumption Tax that began in 2002.This settlement follows an extended legal battle between DDL and GRA arising out of the Consumption Tax assessment levied against the company by then GRA Commissioner-General Khurshid Sattaur in January 2009, in the sum of $5,Cheap NFL Jerseys China,392,020,753.The assessment was immediately challenged in the High Court by DDL through its lawyers Miles Fitzpatrick, S.C. and Timothy Jonas.The company announced that after intense negotiations, however, both parties were able to arrive at consensus to fully and finally settle all claims by the GRA and liability by DDL for both Consumption and Excise tax up to March 9, 2016 in the sum of $1,500,Wholesale Jerseys 2018,000,000.This sum is payable over 12 months.  DDL, in good faith, very recently effected the payment of $100,000,000 in compliance with the settlement terms.But Jagdeo in a statement issued yesterday said that while the assessment was from 2002 to 2006, the settlement was only arrived at on March 9, 2016.It means that DDL had used this money for 15 years and according to the Opposition Leader if one were toDDL ChairmanKomal Samaroocalculate interest on this sum, at a rate of 10 per cent per annum, using only the past 10 years,Cheap Football Jerseys, the liability would amount to $10.6B.According to Jagdeo, the settlement also writes off all possible liabilities in respect of Excise Tax up to March 9, 2016; so if the same situation obtains with regards to the Excise tax, between 2006 and 2016, then the liabilities would run into tens of billions more.The Opposition Leader, who was the Head of State during the period of assessment in contention, stated that the settlement has opened the door for other companies to seek refunds on taxes paid.“There have already been reports in the Private Sector of other major companies consulting lawyers about this possibility. Management officials from a major local alcohol and beverage producing company have made it clear, in the past when I was President, that the company would be seeking a refund depending on the outcome of the DDL matter. If this company were to conservatively use DDL’s case to advance a call for a refund of taxes it paid this could result in the treasury balance being further diminished,” the former President stated.He recalled that during his meeting with President Granger, he had offered to have the current Attorney- General be briefed by his predecessor, Anil Nandlall, about five major cases involving billions of dollars in taxes lawfully due to the State, including the DDL matter.Jagdeo said that this offer was rejected.“This offer was made because the People’s Progressive Party/ Civic (PPP/C) believes we must safeguard the State’s revenue sources and this is not a matter that ought to be contaminated by politics.  After all, it is upon the treasury that we depend to fund all the social interventions that touch lives and affect the welfare of thousands of ordinary Guyanese people,” Jagdeo added.He called on the APNU+AFC Government to disclose if an assessment of DDL’s liabilities in respect of Excise Tax for the period 2006 to 2016 was done and what was the sum of that liability?“Who negotiated the settlement? Is it legal? Was the settlement approved by Cabinet or the Board of the GRA?  On what principles was the sum of $1.5B arrived at? How many other deals have been concluded or are being negotiated?” asked the Opposition Leader.He said that the lack of transparency and the secrecy with which APNU+AFC continues to manage the affairs of the State are increasingly becoming causes for concern and are now being institutionalized.According to Jagdeo, the DDL settlement, as well as the possibility of other companies seeking refunds, will cost the State billions in revenue dollars – billions that could have been used in areas that the APNU+AFC Coalition told the nation they could not afford to fund.“It would have taken $1.7B to keep the Wales Sugar Estate functional, thereby safeguarding 2,000 jobs and the welfare of 28,000 residents on the West Bank of Demerara.  It would have taken $1.6B to continue the ‘Because We Care’ cash grant for 177,000 public school children across the country.“ It would have taken a further $500M in water and electricity subsidies that would have benefited upwards of 40,Cheap Adidas NHL Jerseys,000 pensioners.  These would have amounted only $3.8B,Cheap Jerseys Online, but were callously not funded.  While these social interventions would have cost only $3.8B, this single tax deal will cost the treasury upwards of $16B for the period 2001 to 2006,” the former Head of State declared.He pointed out that the settlement sends the wrong message to the business community; that a company can unilaterally decide to stop paying taxes, while other companies comply with the law, take the matter to court and drag it out until a sympathetic government comes to power and settles its debts to the State.The Opposition Leader and his party are calling on the International community and in particular the International financial institutions to note this wanton and deliberate haemorrhaging of the National Treasury by the Coalition Government.