News

Guyana: Grace Kennedy Remittance Services liable for $300m tax debt after being incorrectly classified as non-commercial company

Having been incorrectly classified as a non­-commercial company, Grace Kennedy Remittance Services (GKRS) limited has incurred a more than $300M debt in taxes to the Guyana Revenue Authority (GRA).

In a judgment dated July 20th, the Full Court noted that the revenue authority was lawfully recouping corporation taxes to the tune of $377,135,184 from the money-transfer and bill-payment entity from which it could not be estopped.

From 1994 up until May 2018, GKRS was assessed for corporation tax at a non-commercial rate having been incorrectly classified as a non-­commercial company.

MORE

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s