The owners of the former Almond Resorts Inc. hotel chain will have to wind up the entity without receiving about $180 000 they were anticipating from the Barbados Revenue Authority (BRA).
However, the company, renamed ABV Investments Inc. in 2014, is still banking on collecting an additional smaller amount of money from the BRA, and funds that management says “remain outstanding” from the National Insurance Scheme (NIS).
This was reported by Trinidadian business executive Gervase Warner, who chairs ABV Investments and is chief executive officer (CEO) of its majority owner Massy Holdings Ltd.
The company said during its last financial year ended September 30, 2020, it received value added tax (VAT) refunds totalling $174 380 from the BRA, but wrote off $178 974 after the revenue-collecting agency sent correspondence “indicating that amounts after the first filing period of 2014 would be disallowed, as the company was not making taxable supplies”. (SC)
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