Annual report & statement of accounts

ANNUAL REPORT & STATEMENT OF ACCOUNTS
54 The Audit and Verification Division is mandated to provide high quality audit services to enable the Revenue Authority to achieve its mission of promoting compliance with the Tax, Trade and Border Laws and Regulations. During the course of the year, there was rationalisation and reassignment of staff within the Division with staff being reassigned based on their experience and ability. Staff also benefitted from training on international standards, best practices and reporting techniques to enhance their performance. There were several constraints which impacted on the performance of the Division. These included the refusal by Banks to provide information without the taxpayer’s consent, the lack of cooperation by some taxpayers and their accountants, extended delays by taxpayers in providing accounting records and staff having to spend an excessive amount of time commuting between GRA and taxpayers premises. Despite these constraints, staff were able to conduct a total of six hundred and seventy-eight (678) audits and upon completion were able to identify two million, nine hundred and thirty thousand, five hundred dollars ($2,930,500.00) in revenue for recovery. Nine hundred and ten million, two hundred thousand dollars ($910,200,000.00) in revenue was recovered upon completion of forty-one (41) audits of Companies and Large Taxpayers. These audits covered several tax types including Corporation Tax, VAT, PAYE, Corporation Property Tax and Withholding Tax. Staff also recovered five hundred and fifty-three million, four hundred thousand dollars
($553.400,000.00) in revenue upon completion of two hundred and forty (240) audits of Self Employed taxpayers and those remitting under the PAYE system. Routine VAT audits as well as audits to facilitate de-registration of taxpayers and to promote voluntary compliance amounted to eighty-seven (87) and resulted in the recovery of one billion, two hundred and seventy-seven million, four hundred thousand dollars ($1,277,400.00) in revenue while those to facilitate refund of taxes amounted to eighty-two (82) and resulted in twenty-seven million, nine hundred thousand dollars ($27,900,000.00) being recovered. Comprehensive audits completed by staff located at the various Integrated Regional Tax Offices totaled twenty-six (26) with revenue recovered amounting to fifty-six million, two hundred thousand dollars
($56,200,000.00) while audits to facilitate refunds amounted to two hundred and two (202) with one hundred and five million, four hundred thousand dollars ($105,400,00.00) in revenue being recovered.

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