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The Guyana Revenue Authority (GRA) has defended the decision to change the tax status on several items which in effect will disallow manufacturers and others from claiming refunds.GRA’s Commissioner-General, Godfrey StatiaManufacturers and others have been complaining that the decision will drive prices up on some goods, like bread, as they have to pass the costs onto consumers.Yesterday, GRA’s Commissioner-General,Cheap NFL Jerseys, Godfrey Statia, disclosed that in recent weeks,Cheap Stitched Jerseys, he was prompted to meet local manufacturers to “allay fears” in wake of Government’s 2017 agenda to remove “zero-rated” from a significant number of items for Value Added Tax (VAT) purposes.GRA explained that ‘Zero rated Supplies’ are those goods and services that are taxable but, for economic reasons, are taxed at zero percent.‘Exempt Supplies’ are those that,Cheap NFL Jerseys China, for social or difficult-to-tax reasons, are not taxed.The elimination of zero-rated items,NFL Jerseys Paypal, with the exception of exports and manufacturing inputs, was announced in the 2017 Budget presented by Minister of Finance Winston Jordan.Meetings have so far been held with several organisations and companies and their representatives who were primarily concerned about the changes to the schedule, GRA disclosed in a statement yesterday.According to the tax chief,Wholesale Jerseys, many businesses have failed to keep proper recorded and appeared to also be making refund claims that cannot be justified.“He (Statia) explained that this new direction was compelled by the need for more “equity in the system” since it was found to be replete with persistent failure by many VAT registrants to maintain proper records and unwarranted refund claims,” the GRA statement said yesterday.According to the Commissioner-General,NFL Jerseys China Cheap, GRA used to spend virtually 80 percent of its VAT resources on verification of refunds claimed by manufacturers/sectors.“By moving certain items from being zero-rated to exempt,Wholesale NFL Jerseys, we do not have to do that anymore.It means that our staff could now concentrate on enforcement, audit and compliance activities and paying over the VAT collected.”The statement said that the meeting with the stakeholders allowed the GRA to clarify the distinction between zero-rated as against exempt and highlight the advantage which such a move is seeking to place local manufacturers.Statia also announced an increase in the VAT threshold from $10M to $15M to enable the GRA to exercise measures to ensure greater compliance.