I agree with Christopher Ram, the teacher, in his article, SN-2025/03/28: ‘Are these payments reflected in the revenue of the Guyana Revenue Authority and the Consolidated Fund?’ Government accounting rules should be followed in a similar way that private accounting does, such as the generally accepted accounting principles (GAAP), as a key standard used in the U.S. and for examination under the lens of external auditors.
If a tax receipt or a tax certificate is recognized, there should also be a reflection of the exact amount paid into the Guyana Treasury under a budgetary sub-head for complete accounting and auditing. See SN 2022-05-08, ‘Missing revenue from contractor’s oil profits raises serious questions’.
.Missing tax revenues will further require Guyana to deplete its national savings in its National Resource Fund (NRF), an autonomous Accounting entity, separate and apart from Government Budgetary Accounting. It would seem that proper accounting and accountability should require the NRF to lend money to the Government at a stated rate of interest, in order to accumulate and sustain the integrity of the nation’s patrimony.
Sincerely,
Ganga Persad Ramdas
