• Latest
Black Market Economy Depriving Government of Revenue

Black Market Economy Depriving Government of Revenue

7 years ago
No need to panic over shark sightings

No need to panic over shark sightings

16 mins ago
Clarity on State of Emergency, Covid-19 Regulations and curfew

Clarity on State of Emergency, Covid-19 Regulations and curfew

27 mins ago
Wear Your Mask campaign launched

Wear Your Mask campaign launched

1 hour ago

Relocation of Division of Co-operatives

3 hours ago
US Gives Additional Support to Dominica

US Embassy invites videos for Black History Month Secondary School Speech Competition

7 hours ago
Belmont Estate gets Kosher certification

Belmont Estate gets Kosher certification

7 hours ago
GHTA Expresses Concern Over the 2017 Budget

GHTA prepares for first virtual annual general meeting

7 hours ago
Higher Gas Prices for March 2014

Higher gas prices for January 2021

23 hours ago
Dr Jonathan Noël received Covid-19 vaccine without any major side effects

Dr Jonathan Noël received Covid-19 vaccine without any major side effects

1 day ago
GIZ Vacancy: Junior Technical Advisor

GIZ RfP: Legal advisory service for Water Resources Management Unit (WRMU)

1 day ago
“Groove’’ is Calypso’s best chance of going international like Reggae

Honour Grenada’s heroes and heroines

1 day ago
MOH launches Covid-19 Vaccination Population Survey

MOH launches Covid-19 Vaccination Population Survey

2 days ago
NOW Grenada

Main Header Ad 468x60

booked.net
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
NOW Grenada
No Result
View All Result

Article Header

Black Market Economy Depriving Government of Revenue

This story was posted 7 years ago
29 January 2014
in Business
2 min. read
Share

Acting comptroller of the Inland Revenue Division, Dr Raphael Stephen, said that there is a striving black market economy which is depriving Government of much need revenue, and his department will be stepping up efforts to crack down on the practice.

Stephens, who was appointed to the position effective 19 June 2013, said that a common trend among those black market traders is not issuing of receipts, which is a violation of the tax law. “Two things in particular that traders should know, is that a receipt must be issued whenever there is a transaction, and businesses needs to register with the tax office. When business fail to register they are cheating the government of revenue,” he said.

Speaking on the weekly “Beyond the Headlines” television programme, Dr Stephens said there are fixed penalties that officers at the IRD can issue whenever a trader is found violating the law. “We identified a number of traders who were violating, and these businesses were charged between $500 and $5000,” he said.

Dr. Stephen, who is qualified in Public Finance as a Fiscal Scientist and has been in the Government service for thirty-one years, said that these businesses did not challenge the tax officers, as they are fully aware about the violation as written within the law.

“They don’t challenge it. In one instance where a trader was charged $5000, he paid immediately,” he said, while pointing out that tax officers also issued warnings to several other businesses for failure to comply with the tax laws.

Public Relations Officer of the Division, Chinnelle Andrews, said that issuing of receipts is a major problem, and called on customers to demand their receipts and/or contact the IRD when traders fail to provide them with a record of the transaction. “We want the public to call in and let us know when traders violate the law, because the tax provides and makes it mandatory for receipts to be issued by all companies who are registered,” she said.

A recent review of the Value Added Tax system which came into effect in February 2010, noted enforcing clauses relating to garnishing and seizures for those who failed to comply with the VAT law, and establishing a policy of management reporting on compliance performance.

Conducted by the Audit Department in the Ministry of Finance, one recommendation is that a comprehensive education process be undertaken to provide officers who originally were not part of the VAT process with knowledge of the requirements of the VAT Legislation and the existing policies and procedures.

By Linda Straker

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.

Tags: businesseconomyfraudgovernmentincomelinda strakerreceiptrevenuetax
Next Post
Gender Based Violence (GBV) Education Drive in Schools

Gender Based Violence (GBV) Education Drive in Schools

Comment on story Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Home Sidebar NP 300x250

© NOW Grenada. All Rights Reserved. Published by Aqua Design Inc. | Terms of Use | Privacy Policy

© NOW Grenada. All Rights Reserved
Published by Aqua Design Inc.
Terms of Use | Privacy Policy

No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings. Visit our Privacy Policy | Terms of Use.

NOW Grenada
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Visit our Privacy Policy | Terms of Use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.