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-GRA to go after non-compliant foreign companiesYesterday, Finance Minister Winston Jordan in his budget presentation for 2017,Government is planning to introduce a high-security Excise stamp system on imported alcohol and tobacco products to prevent smuggling.unveiled a host of measure to improve the country’s tax administration. According to Jordan,Cheap Nike Air Max 90 Mens, the changes are proposed to assist GRA to overcome the many challenges it faces in enforcing and administering the laws.Excise Stamp System – In an effort to minimize the smuggling of high-dutiable excise products,Air Max 97 Undefeated Uk, GRA will implement in 2017 an “Excise Stamp Programme”,Air Max 97 Silver, based on an agreement with Canadian Bank Note (CBN).“An excise stamp is a type of revenue stamp affixed to excisable goods to indicate that the required excise (and other) taxes have been paid on the product. This will see the stamping of alcohol and tobacco products with “high-security” stamps, which can be read by barcode scanners,” Jordan explained.The system, Jordan explained, is highly secure and will be supplemented by a track-and-trace system, anti-counterfeit measures, barcode scanners, and technical support. The excise law will be amended suitably to facilitate the implementation of this measure.Increase in the three years’ statute of limitations – Government also intended to increase the statute of limitation from three years to five years.“This will give the Revenue Authority time to cover a longer period to examine taxpayers’ records, consistent with similar provisions in the Income Tax Act. This will enhance enforcement and compliance efforts,” Jordan said in the budget speech.Persons leaving Guyana with tax liabilities – Jordan said that GRA will get tough with persons who owe the Government and are leaving. A law change will address this.“It is also being proposed to revise the provision of Section 45 of the VAT Act by deleting the proviso which allows for a court order to be obtained to enforce this provision. This will be consistent with a similar provision which exists under section 71 of the Income Tax Act Chapter 81:01.”Failure to keep proper books and records – Government is also clamping down on the prevalence of record keeping by business but putting in place tough penalties.“The penalties for failing to keep proper books and records are lenient. As a result, many taxpayers, particularly the self-employed taxpayers, fail to keep proper books and records. The penalties will be increased to $200,Nike Air Max 95,000 or five percent of the tax assessed, whichever is greater.”Failures to present books and records when requested – Taxpayers who fail to present books, records and other information in a timely manner are also to face tough penalties.According to Jordan, audits are greatly affected by the lack of evidence to justify disclosures in financial statements. “It is proposed to increase the fine to $200,000 and/or six months imprisonment.”Non-resident companies failing to keep accounting records in Guyana – Non-resident companies,Adidas Nmd r1 Women, which fail to keep relevant books and records in Guyana, thereby causing unnecessary delays during audit, will be subject to a fine of $1,000,000.Failure to inform the GRA about the commencement of business (Registration) – According to the Finance Minister,Nike Air Max 1 Mens Cheap, many persons commence business but do not inform the GRA about this activity.“Many businesses are non-compliant with the law regarding filing of returns, especially at the early stages. The law will be amended to give persons a maximum of three months from the commencement date of business to inform the GRA.”Cost for TIN – There is currently no fees for the issuance of TIN (Tax Identification Number) certificates, even though GRA incurs an administrative cost.“It is proposed to impose a fee of $1,000 for the first TIN certificate and $5,000 for reprinting of TIN certificates,” the minister said.