Cash Wiz, one of two pawn shops operating in St. Vincent and the Grenadines, came under scrutiny yesterday as the Inland Revenue Department, accompanied by police officers, seized over $100,000 in cash and changed the locks on the company’s premises. The action comes amid allegations that the business owes more than $800,000 in unpaid taxes dating back to 2021.
A source close to the matter disclosed that the company has failed to comply with several tax obligations, including the payment of Pay-As-You-Earn (PAYE) deductions, Value Added Tax (VAT), and corporate income tax. “PAYE was deducted from employees’ salaries but was never remitted to the Inland Revenue Department,” the source revealed.
The Inland Revenue Department is said to have invoked its powers under the Tax Administration Act of 2019, which authorizes search and seizure operations for tax delinquency.
The company, which operates branches in eight neighboring countries, reportedly does not hold a bank account in St. Vincent and the Grenadines, further complicating its financial practices. The source added, “VAT payments are required when a company earns $25,000 per month or $300,000 annually, yet there’s no evidence of compliance since 2021.”
The Inland Revenue Department had allegedly attempted to communicate with Cash Wiz about its outstanding obligations. However, the source noted, “The company has shown no cooperation, leaving the authorities no choice but to act decisively.”
This case underscores the serious consequences of non-compliance with tax regulations. Attempts to reach Cash Wiz for comment were unsuccessful at the time of publication.