Dear Editor,
As the April 30 tax filing deadline approaches, taxpayers are preparing submissions to the Guyana Revenue Authority. However, caution must be exercised in selecting who prepares these returns.
There has been a concerning trend of individuals representing themselves as ‘accountants’ and offering accounting and tax preparation services despite not being members of the Institute of Chartered Accountants of Guyana (ICAG) and therefore not being qualified Chartered Accountants. Many of these individuals are either still pursuing studies or, in some cases, have no formal accounting qualifications at all.
Taxpayers should be wary of engaging such persons. The preparation of financial statements and tax returns requires not only technical competence but also adherence to established accounting standards and policies. When these services are provided by individuals who are not regulated or subject to oversight by the ICAG then there is no assurance of quality, accuracy or compliance. Errors or misstatements can expose taxpayers to penalties, audits and unnecessary hassle. It is also important to highlight that only practicing members of the ICAG are permitted to conduct statutory audits for companies. Taxpayers and business owners should be especially cautious of individuals who misrepresent themselves as being qualified to perform such audits when they are not duly licensed.
While it is understandable that during tax season, individuals and businesses seek to minimize costs, this should not come at the expense of engaging unqualified and unregulated service providers. The potential consequences far outweigh any perceived short-term savings. Would you entrust your legal matters to someone who could not complete law school or your health to someone who failed to qualify as a doctor? The same logic must apply when it comes to your finances and tax obligations as someone who is incapable of completing their accounting studies is also incompetent to be deemed a professional accountant.
Taxpayers are urged to verify credentials and ensure they engage qualified professionals.