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Tax chief warns firms over record-keeping

THE Department of Inland Revenue’s acting controller has warned that companies which fail to keep proper financial records are exposing themselves to fines and possible prosecutions.

Shunda Strachan said: “We have noticed trends where businesses are claiming not to have records, and not to have any idea of what is being made per day, week, month or year.” She added that the consequences could be especially severe if it was shown companies are using this to avoid/evade paying dues taxes.

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The acting controller said the Department of Inland Revenue does not want to see businesses closed, or persons lose their land, due to unpaid tax arrears but said the agency has a mandate to collect what is owed to the Government. Ms Strachan advised persons and companies in difficulty to contact the Department of Inland Revenue, so both sides can work out an agreement and payment plan for the outstanding taxes before tougher enforcement action is taken. Ms Strachan called on individuals and businesses to be honest about their situation. Pictured are Ms Strachan, acting controller, and Dexter Fernander, of the Department of Inland Revenue’s operations section.

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