| By Jarryl BryanThe Ministry of Finance is likely to begin procuring auditors for the much anticipated forensic audit into the GRA from December 31st, after the Tax Commission Inquiry lays its interim report.Junior Minister of Finance Jaipaul SharmaThis is according to Minister within the Ministry of Finance Jaipaul Sharma,Artemi Panarin Jersey, who has oversight for the forensic audits currently being undertaken into many of Guyana’s statutory bodies.“We want to coincide that audit with the conclusion of the Tax Commission Inquiry. The Commission will be looking into recommendations from the Tax Reform Committee,” he said,Cheap Jerseys From China, adding that the committee’s interim report is expected to be out by year end.In a previous publication, Sharma had stated that the GRA forensic audit and evaluation would be undertaken by international auditors. This, he had revealed, was because of the scope of the audit and the inevitable chance of conflicts of interest arising.The other forensic audits were performed by a number of independent auditors. The GRA will be the first body to have an overseas audit firm.After the submission of the report, an agency will be identified and contracted to carry out the audit by early February of 2016.According to Sharma, the time span will also allow the international auditors to get a chance to examine the report, in order to understand the depth of Guyana’s tax situation.Speaking on the Tax Commission Inquiry, Sharma said that there would have to be an in depth analysis on the tax system. This will also help in understanding how deeply tax reform can impact the economy, whether positively or negatively.The launching of the Tax Review Committee was first announced during Minister of Finance Winston Jordan’s budget presentation. Chaired by economist Dr. Maurice Odle,Deion Sanders Falcons Jersey, it has been operating out of the Ministry of Finance, which also provided technical assistance, since August 2015.Its terms of reference include investigating the state of taxation, reviewing taxes with a view of reallocation and distribution, and to look into how tax was formerly administered.Specifically, the committee is expected to examine how taxes can be paid in an equitable manner,http://www.airmaxfantasy.us.com/574-New-Balance/, since there is a general perception that the system is not effective.One of the charges that Jordan had issued to the Committee was to come up with recommendations that would produce a system more fair and firm, but with rigorous legal systems in place to nab tax dodgers and cheats.Stakeholders, including the Private Sector Commission (PSC) and Chambers of Commerce,NFL Jerseys Cheap, have decried the high taxes and other shortcomings in the taxation systems for years. Though promised under the previous Peoples Progressive Party (PPP) administration,Andre Branch Dolphins Jersey, tax reform never came to fruition.Other stakeholders to make submissions to the committee include the Public Utilities Commission (PUC), banking and other institutions. |
