• Latest
Retail store raided by law enforcement

Retail store raided by law enforcement

2 years ago
UNESCO Transcultura Call for young Caribbean Creatives

UNESCO Transcultura Call for young Caribbean Creatives

9 hours ago
UNESCO Participation Programme 2018-2019; Funding Up to US$26,000 Available

Call for CCI Development Grant Applications Industry Grant (Round 1)

9 hours ago
Happy 48th Anniversary of Independence to Grenada!

Candidates’ qualification for Election Day

10 hours ago
World Bank approves US$25 million for Grenada

World Bank approves US$25 million for Grenada

18 hours ago
Pearlina Thomas and Chad Welch to Represent Grenada in China

TAMCC Institutional Registration Certificate Presentation Ceremony

1 day ago
Youngest black US law school graduate rewarded with trip to Grenada

Youngest black US law school graduate rewarded with trip to Grenada

1 day ago
SMC statement on water sponsorship and vending

Important meeting for Calypso/Groovy/Soca Artistes

2 days ago
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 24 May 2022

2 days ago
JPMorgan warns 10% of junk-rated emerging markets facing debt crises this year

JPMorgan warns 10% of junk-rated emerging markets facing debt crises this year

2 days ago
Health Ministry monitoring reports of Monkeypox outbreak overseas

Health Ministry monitoring reports of Monkeypox outbreak overseas

2 days ago
Grenada moves a step closer to providing CT scans

Grenada moves a step closer to providing CT scans

2 days ago
Tanteen Road Closes At Noon

Temporary road closure: Mt Millette Road

2 days ago
NOW Grenada

Main Header Ad 468x60

  • 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

Retail store raided by law enforcement

This story was posted 2 years ago
23 January 2020
in Business, General News
2 min. read
Customs, and Financial Intelligence Unit (FIU) officers in front of Basel Store, St John’s Street, St George’s
Share

by Curlan Campbell

  • Retail store on St John Street raided by Customs and Excise Division
  • Store reported to be suspected of engaging in underinvoicing imported goods
  • Underinvoicing can cause government to lose thousands in revenue

A retail store on the lower end of St John Street, St George’s was raided on the morning of Thursday, 23 January 2020 by officers from the Customs and Excise Division, as well as officers from other law enforcement divisions of the police force.

The management of Basel Store, one of many retail stores on the street, is reported to be suspected of engaging in underinvoicing goods imported into the country.

“Underinvoicing is the practice of stating the price of goods on an invoice as being less than the price actually paid. Underinvoicing occurs when the importer wants to reduce a tariff to reduce their apparent profits to pay less in taxes.”
– Farlex Financial Dictionary

A Customs official is yet to publicly comment on the raid but it is understood that the crackdown by the authorities is part of efforts to combat what appears to be a growing trend among some business owners.

Grenada’s law provides for steep penalties for those who are found guilty of engaging in the act which can cause government to lose thousands in revenue. The Customs and Excise Department is one of the main revenue earners for government.

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.
Tags: basel storecurlan campbellcustomsfinancial intelligence unitfiuunderinvoicing
Next Post
International Day of Education 24 January

International Day of Education 24 January

Comments 4

  1. Dee says:
    2 years ago

    There are also the stores in the Esplanade that refuse to give you your Duty Free Receipt which they must by Law. Also lying and cheating saying they will only take cash when you have previously used your credit cards buying there,

    Reply
  2. Janet Thompson says:
    2 years ago

    They want to hack up their prices and make thousands of dollars while they scheme to defraud the Government, but everything is for a time..

    Reply
  3. Catherine Roberts - Pascall says:
    2 years ago

    don’t talk too hard

    Reply
  4. Curland Campbell says:
    2 years ago

    Yes wee papa.
    Another case of not being aware of the policies of your country, these people dont have a clue that they can get 25 year tax breaks! And then create a new brand to get another 25 years! (Crap! this applies to investors not stores)

    These small busineses think that tax too high, they love to complain about the tax, stating that when they add the various pieces of tax it is almost 50% or more on good imported.

    Then continie to complain that they have to pay stamp tax thereafter, and for some they pay ³ VAT

    They futher complain that customers, will stupes when they see the price of goods 2 time more than on amazon.com

    Small man pay your tax and stop under invoicing. Just take the risk and let your business fail, then go back to your land and plant the fig and nutmeg and cocoa. No import tax here, no under invoicing.
    Agriculture wins every day.

    Reply

Comment on post Cancel reply

Please enter your valid email address.
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

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

Copyright NOW Grenada

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.

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.