The Government as well as small and large businesses are losing out on billions of dollars annually in revenue due to the smuggling of goods, alcohol, poultry and other items, Chairman of the Private Sector Commission, Komal Singh complained today.

Speaking at a PSC organised seminar on illegal trade, Mr. Singh said Guyana has been having serious challenges over the years as it relates to smuggling, which has affected not only small businesses but major companies as well.

He said the smuggling of alcohol, cigarettes and poultry has expanded as persons seek to evade taxes, causing an unfair competition within the private sector.

“Currently Guyana is losing billions of dollars in revenue. The market share that some of these smugglers are capturing at the moment, exceeds 25- 50% in some of the areas and if we don’t find means to harness and put measures in place to stop that smuggling within the shortest possible time, we can see those numbers continue to rise and it can have a more negative impact on the business community” the PSC Chairman stated.

The PSC Chairman further explained that the private sector group has established a trade desk which has been partnering with the enforcement arm of the Guyana Revenue Authority to help intercept persons involved in smuggling. However, he believes more collaboration tackle the growing problem.

“The Private Sector Commission stands ready to work with the private sector at large to make sure that we can help to develop means and measures to help curb smuggling to make sure that our treasury and businesses are in a position where there is a level playing field and there can be a very competitive environment without worrying that smugglers are taking huge market shares from what they are doing at the moment,” the PSC Chairman said.

Meanwhile, Director of the Financial Intelligence Unit (FIU) Matthew Langevine, said that the private sector has a role to play to ensure that its members operate in a conducive and competitive environment. He said there must be a greater push by all involved since Guyana has a range of legislation that  criminalizes illicit trade.

“If we are seeking greater effectiveness and better results we need cooperation and everyone to be full on board and so the FIU and other stakeholders within the AML/CFT framework look forward for greater participation and collaboration when it comes on board by the  private sector,” Langevine stated.

Home Affairs Minister Robeson Benn, noted that there can be a dent in illicit trade if there is more collaboration and more people are willing to come forward with information about the perpetrators of smuggling.

“We can make a difference, it requires more will, more participation, more consultations, more identification of places and the hotpots and characters who are involves,” Benn stated.

The Enforcement arm of the Guyana Revenue Authority has been carrying out a number of operations at border locations to track down on smuggling.

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